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Some bright spark suggested the impending recession (let's call a spade a spade) wasn't going to hurt tech companies. Fat chance!

Proving the pain is being felt everywhere today is the normally bullet proof mobile phone giant Nokia, which has released its Q3 financials today and which whiff of resignation and depression.

Breaking down the key points, 117.8 million handsets were sold during the period (puts iPhone sales into some perspective) for a total turnover of 12.2bn euros. Despite the monstrous numbers involved however, they equate to just five per cent sales growth while its market share actually slipped to 38 per cent from more than 40 per cent. Profit reached 1.46bn euros, the same as the previous quarter, but down a substantial 21 per cent from the same period in 2007 as margins tighten. Lastly earnings per share dropped from 0.40 euros in the year ago quarter to 0.29 euros.

As for the future, things aren't looking overly rosy with the Finns predicting a modest 10.5 per cent increase in handset sales during Q4. Given this covers the Christmas season - by far the busiest period in the mobile phone year - calling this projection 'modest' would be generous.

A full gruesome picture is available via the link, but if you wish to kick your weekend off on a positive note then I'd suggest you skip it...

Link:
Press Release

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