Nokia posts bleak Q4 earnings report, lowers expectations for 2009

And it just keeps getting worse… While we can’t say we’re the least bit surprised, it’s still disheartening to see a company like Nokia fess up to a relatively dismal sales period. The Finnish handset manufacturer just posted its Q4 earnings report for 2008, and things are not so good. The company posted sales of €12.67 billion, down a savage €19.5 from the same period in 2007. Business revenue was down as well, with a quarter on quarter slide of 26.9%. Yikes. Based on these rather depressing numbers, Nokia has lowered its earnings expectations for 2009. Initially predicting a 5% drop in sales, the company is now expecting sales to drop an even 10% in 2009. Nothing too surprising given then state of the economy at large, but still unpleasant. On the upside, Nokia expects to maintain its market share in Q1, with an overall market share increase expected throughout the course of the coming year. Positive, we suppose, but it’s little consolation in the face of the company’s 2008 earnings. Let’s hope Nokia can keep its head above water without cutting too many jobs over the coming months.

Read