Nokia’s profit falls by 66 percent

Finnish firm Nokia reported its second quarter results today and it’s hurting, hurting, hurting.

The company turned in a net profit of  €380 million on sales of €13.15 billion – that compares badly with a net profit in the same period last year of €1.10 billion on sales of €13.15 billion.

Nokia CEO Olli-Pekka Kallasvuo said it was “another tough quarter” but claimed that it had increased its share of the global market sequentially to 38 percent and upped its smartphone market share to 41 percent.

He said: “Competition remains intense, but demand in the overall mobile device market appears to be bottoming out.”

The firm predicted that volumes for the third quarter will be about the same as for the second quarter, and overall the entire mobile industry is expected to fall 10 percent from levels in 2009.