Nokia lowers Q3 device market share outlook

Nokia has issued a press statement updating its mobile device market share outlook for the third quarter 2008.

The company says it now expects its mobile device market share in the third quarter 2008 to be lower than in the second quarter 2008, despite previously estimating that the share would stay the same.

Nokia says it "expects the overall mobile device market in 2008 to be impacted by the weaker consumer confidence in multiple markets".

In addition the company blames its "tactical decision to not meet certain aggressive pricing of some competitors" as well as the "temporary impact of a slower ramp-up of a mid-range Nokia device".

Thanks to "new products and services" Nokia ends the statement by saying it "believe(s) its product portfolio will be very attractive for the rest of the year".

UPDATE: The AFP reports that Nokia shares have "plummeted" 9.9% following this announcement.