Nokia begins slashing handset prices

29 Apr 2004

Nokia, the world’s biggest mobile handset manufacturer, has begun a major price cutting campaign in a bid to address its falling market share. The price cuts have been applied across virtually Nokia’s entire range worldwide, with only the newest, high-end phones being excluded. Earlier this month the Finnish company reported a first quarter 2% fall in revenues year-on-year, having expected growth of between 3% and 7%. Despite its own phone shipment levels rising by 19%, Nokia’s growth is being far outstripped by a number of up and coming handset suppliers, chiefly from the Asia-Pacific region, among the most notable of which is Samsung.