Nokia profits collapse 90 percent

Nokia, the world's largest phone maker, has reported a 90 percent drop in its Q1 profits year-on-year, citing the ongoing global recession as the reason for falling demand. For the quarter ended March 31st, profits were EUR 122 million compared to EUR 1.22 billion in the same quarter last year. Nokia CEO Olli-Pekka Kallasvuo was optimistic however, adding that demand for mobile phones ... [ read the full article ]