Nokia earnings slump by two-thirds as sales slide

By Karl Ritter Stockholm Nokia’s earnings fell 66 percent in the second quarter as the global recession sapped demand for handsets, the biggest cellphone maker said yesterday. Net profit was e380 million (R4.4 billion), down from e1.1bn in the same period a year earlier. Sales tumbled 25 percent to e9.91bn. Analysts polled by SME Direkt had forecast a profit of e327m and sales of e10.1bn. After the report, Nokia shares fell…

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