Nokia, although not quite popular in the United States as compared to the Philippines, is a major player in the mobile phone industry. In fact, it is largest mobile phone maker in the world.

Net profits went down 90% from $1.573-billion USD to a dismal $160-million USD. As many of you very well know, the world is in a terrible financial crisis right now. When I left the United States, people were getting their homes foreclosed left and right. It’s not just us consumers who are taking a hit, but also major companies as well.

Nokia has reported a decline in sales figures, by almost a third. The company even had to cut 1,700 jobs worldwide as a result. Comparing this years 1st quarter to last year’s; sales were down 27%, from $16.65-billion USD to $12.17-billion USD. 93 million phones were sold during the 1st quarter of 2009.

Although other brands have more advanced features than Nokia phones, many tend to still stick with the brand. This is particularly true, even in the Philippines. If you see the malls around here, you’d be pretty amazed how many mobile phones actually enter the country.

[via IXPLORA]