Handset manufacturer Nokia, which has the largest marketshare in India, warned of uncertainty as it reported a decline in Q3 net sales of 5 percent year on year, and 7 percent quarter-on-quarter. During the analyst conference call, Nokia CEO Olli-Pekka Kallasvuo said that the it is unclear how the global financial situation will impact different markets, particularly since many consumers in markets like China, India, AsiaPac and Latin America have consumers who prioritize their spending; spending from this segment was impacted by high commodity prices over the last year, but that bubble has now burst, with a decline in the price of oil and rice. Reuters reports that Nokia Siemens Network will set up a factory in India, near Chennai, investing $70 million over three years on the facility. The factory will make and distribute mobile communication equipment. Nokia's global marketshare fell to 38 percent (down from 39 percent), though device volumes were down 3 percent sequentially in Q3 at 117.8 million units. While India numbers were not shared, Nokia suggested a 3 percent q-o-q decline in overall handset shipped volumes in the Asia-Pac region. Kallasvuo blamed the decline in marketshare on competitors who "have cut prices to either clear stock, or drive scale. We have not participated in these unsustainable price wars. This time we decided not to participate in the price competition. We will and try and take marketshare in a sustainable manner. We will continue to manage the business tactically, and manage the margins and market share."…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...