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Nokia cuts handset prices
News brought to you by Skint Tariffs, providers of price comparison for cheap international calls. Nokia, the world's leading mobile phone producer, has cut the prices on many handsets in a bid to stay ahead of its rivals, according to market reports.
Telecom analysts have noted that reductions of up to ten per cent were found on some Nokia music phones, a highly competitive market, smaller discounts were made across the board.
Nokia's share price is down slightly and competition for consumers is increasing amongst phone companies as the global economy falters and shoppers shy away from expensive phones.
Ben Woods, research director at CCS Insight, said that the phone giant is certain to solidify its position as the market leader in the second half of the year due to the resilience of the brand.
"Nokia has always been extremely tactical with its pricing, pinpointing sweet spots in different segments of the market and making adjustments to wrongfoot competitors" he said.
However, Motorola has increased its market share in North America and surprised analysts recently by announcing a small quarterly profit, attributed to selling more mobile phones than expected.
Despite a slowing economy, the global mobile phone market has experienced solid growth of 15 per cent in the second quarter of 2008, according to new data from the IDC Worldwide Quarterly Mobile Phone Tracker.
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