Nokia, the world’s top cell phone manufacturer, said Thursday that sales of mobile phones are shrinking faster than expected as consumers cut spending, Reuters reports.
“Consumers are continuing dramatically to cut back their spending,” Rick Simonson, Nokia’s Chief Financial Officer, said at the company’s investor day in New York, according to the article. “We’re facing it across the world. What’s recently accelerated is the slowdown in emerging markets.”
Analysts are expecting Nokia to cut sales forecasts further than the five percent the company has already cited publicly. Nokia has had trouble in recent years in the U.S. market, since it only makes cell phones that are compatible with AT&T and T-Mobile’s GSM networks, not CDMA-compatible handsets for Verizon or Sprint.