Behind the spin: Nokia


Di-di-dee-dee, di-di-dee-dee, di-di-dee-dee-deee. 'Hello? Hello!' shouts Dom Joly into his oversized Nokia. Which other mobile phone-maker can claim to be the inspiration for a comedy sketch? It comes as a surprise to learn that Nokia, the world's largest mobile phone-maker, is having a tricky time. Last month, it issued a profit warning for the second quarter in a row - an unprecedented move for a business feted for its innovation. To pile up the woes, Nokia warned that sales over Christmas, normally its busiest time, will be down on last year. Analysts have predicted that handset sales could slip by as much as 27% in 2009. Nokia shares have fallen by 61% this year.


We're all in it together, is the line. 'In the last few weeks, the global economic slowdown, combined with unprecedented currency volatility, has resulted in a sharp pull-back in global consumer spending,' said Nokia last month. Chief executive Olli-Pekka Kallasvuo is confident the firm can weather the storm: 'Nokia believes that its scale, leading brand, superior logistics, low cost and broad product portfolio are competitive advantages that will enable us to distinguish ourselves from the competition in a challenging 2009.' So there.

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