Nokia suffers 90 percent fall in profits in 1st Quarter
World's largest mobile phone maker has reported a 90 per cent fall in profits for the first quarter of 2009. The company said net profits came down to 122 million euros in the quarter, down from 1.2 billion euros in the same period a year ago.
Sales were down by 27 per cent to 9.28 billion euros in the quarter from 12.7 billion euros a year ago. Last month, the company announced plans to shed 1,700 jobs worldwide as part of a major cost-cutting drive.
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