Nokia announced that it expects its mobile device market share in Q3 2008 to be lower than in Q2, citing weaker consumer confidence in worldwide markets. This does not mean there will be a decline in mobile device volumes in 2008, which the Finland giant expects to grow 10% or more from the 2007 volumes, estimated at 1.14 billion units.

Other reasons cited by Nokia include:

• Nokia’s decision to not meet aggressive pricing of competitors
• Overall market competition including entry-level markets
• Slower ramp-up of mid-range Nokia devices

Product launches and start of shipments will be on track for Q3 and Q4. The Q3 2008 results will be reported by the company on October 16, 2008.