Linda Young – AHN News Writer
Espo, Finland (AHN) – Nokia, the world’s largest maker of mobile phones, saw profits fall by 26 percent in the last three months of 2010 and warned that 2011 was off to a slow start.
Overall operating profits fell by $1.4 billion for the fourth quarter of 2010 compared to a year earlier, the company reported, despite the fact that sales were up by 6 percent.
Shares fell by 6.5 percent in trading on the news.
In addition, Nokia’s share of the smartphone market dropped by 31 percent during the fourth quarter from the quarter before. Nokia is facing increasing competition from Apple’s iPhone 4 and Samsung’s Galaxy S phone.
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