“Nokia this morning reported major falls in both its financial performance and its phone market share for the quarter. The Finnish cellphone maker’s operating profit has dropped from slightly over $2 billion in early 2008 to just $72.4 million in early 2009 based on a significant decrease in sales income, which dropped by 27 percent year-over-year. Much of this is attributed directly to a 19.3 percent plunge in cellphone shipments from 115.5 million phones in the first quarter of 2008 to 93.2 million for the same period this year,” MacNN reports.

“The company also expects its overall market share to have shrunk in the same space, falling from 39 percent to 37 percent on estimates that the total phone market shipped 255 million phones between January and March,” MacNN reports.

“In smartphones, Nokia has also seen a decline; although the number of the advanced devices shipped has gone up from 33 million to 36 million in the past year, Nokia’s own numbers dropped from 14.6 million to 13.7 million. The shift leaves Nokia with 38 percent of smartphones,” MacNN reports.

Full article here.