Nokia feeling the pinch of the global economic slowdown?

Don’t let that "latest-tech-only" freak in your neighborhood misguide you into believing that the mobile phones market is doing great. At least when Nokia says it isn’t, we know for sure that they ain’t talking nonsense.

So the world’s largest mobile phones seller, Nokia, said on Friday that it is lowering its third quarter market share outlook, thanks to the weakening global economy. Remember Samsung said the same thing about its expected sales scenario in the second half of the year? Yeah, so Nokia is now feeling the pinch as well.

However, all’s not going bad at Nokia town. The company still has several new handsets in the pipeline for the quarter, and estimates to increase its market share nevertheless. It also says that the weakening outlook is also based on its own reluctance to engage in a price war with certain competitors, and that the sales of some midrange handsets made by the company seemed to have slowed down.

Nokia has relatively little market share in the U.S., but slowing sales in other developed regions such as Europe, Japan, and Asia will have a great impact on the company. Still, Nokia sees developing markets as its source of growth in the near future.