Nokia cuts Q4 mobile industry outlook

Nokia Oyj, the world’s largest maker of mobile phones, cuts its outlook for fourth-quarter sales in the handset industry, saying the slowdown had “continued more rapidly” since the middle of last month.

Industry sales for this quarter will be lower than the 330 million units it had predicted last month, the Espoo, Finland- based company said today in an e-mailed statement. The company also said it could no longer confirm its earlier prediction of having 38 per cent global market share or higher in the quarter.

In 2009, industry sales will fall by 5 per cent or more, marking the first decline since 2001. The company had earlier said it anticipated to the market would decline, without giving a specific forecast. The revision marks the third time in as many months Nokia has revised targets. Nokia said it aims to increase its market share next year from 2008, including for smartphones.

Nokia rose 4.6 per cent to ¤09 as of 1:22 pm in Helsinki trading.

Nokia is holding its annual capital markets day for analysts and investors in New York on Thursday.