Nokia profits plunge 90%

Tough times indeed for mobile phone maker Nokia. The company has just announced it saw profits drop 90% in the first quarter of 2009.

Nokia says it raked in roughly 1.32 billion euros in the first quarters of ’08. One year later, those earnings have dropped to a mere 108 million.

Apparently it’s not all bad news. Analysts were expecting the announcement to be even worse. Some are calling this a good news story for Nokia, which recently announced it would shed 1,700 jobs worldwide to save money. Nokia’s share price rose 8% after the earnings were released.

[Via BBC]