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Nokia doubles phone slowdown forecast

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Nokia doubles phone slowdown forecast

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Nokia has reported a worse-than-expected 69 percent fall in fourth-quarter profit.

The world’s largest mobile phone maker also warned market volumes would shrink 10 percent this year as the economic slowdown hits consumer spending. Just last month Nokia predicted a five percent sales dip and the revision is an indication of how fast the situation is deteriorating. Nokia said it aims to cut annual costs at its key handset unit by 700 million euros