Mobile phone manufacturing giant Nokia says it remains confident about its future growth prospects despite registering a thirty per cent fall in profits in Q3.
The Finnish firm which makes more mobiles than anybody else in the world pointed to emerging markets like Eastern Europe as its source of growth to counteract falling sales in the West where consumers are foregoing new handsets in the face of the credit crunch.
Nokia’s announcement was seen as a breath of fresh air in the City for breaking the trend of resistive projections owing to financial uncertainty in the wider economy.
Nokia chief-executive, Olli-Pekka Kallasvuo, said “With our scale, brand, improving product portfolio and low-cost structure, we believe Nokia is well positioned for the current times.”
Profits in the last three month are down to £850 million but sales dropped only 5 per cent to £9.25 billion. The company forecasts a rise of over 10 per cent in the amount of handsets in the world to 1.26 billion by the end of the year.