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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Nokia sees cellphone market up 10 percent in 2010 Wed Dec 2, 2009 9:24am EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Tarmo Virki, European technology correspondent HELSINKI (Reuters) - Nokia, the world's biggest mobile handset maker, expects the cellphone market to recover faster next year than analysts are forecasting, but handset prices will keep falling, though more slowly. Nokia said handset market volumes would grow about 10 percent in 2010, more than analysts' consensus forecast of 8.6 percent, while its market share would be unchanged. "Going into 2010, the overall mobile devices market is stabilizing, and it is growing more in the areas where Nokia has competitive advantages," Nokia's new finance director Timo Ihamuotila said in a statement. Nokia forecast its handset unit's underlying operating profit margin would be 12-14 percent next year, in line with what it reached earlier this year, but well below levels hit in the boom times, when it managed above 20 percent. "I think consensus was probably gravitating toward the higher end of that guidance. So that is a slight negative," said Sal. Oppenheim analyst Nicolas Von Stackelberg. For a Factbox on Nokia forecasts click Nokia's shares were down 0.5 percent at 8.87 euros at 1347 GMT, in line with a 0.4 percent fall for the DJ Stoxx European Technology Index. Nokia's shares have missed the stock market recovery, dropping 20 percent since the start of the year, mostly due to disappointment with its smartphone offering, while DJ Stoxx European technology index, in which it is the biggest constituent, has risen 17 percent. (For a graphic on Nokia share price vs. Apple and RIM, click here ) EXECUTION OFFICE "We have three targets for 2010: execution, execution, execution," Nokia's Chief Executive Officer Olli-Pekka Kallasvuo said in a speech at the annual shareholders' meeting. Kallasvuo said the company had cut costs at its cellphone unit by an annual 1 billion euros. Nokia and the rest of the cellphone industry have suffered as recession-hit consumers cut spending on new gadgets, and the more expensive end of the market has seen increasingly stiff competition. Nokia said, however, that it expected the fall in average selling prices (ASP) to slow in 2010. "Guiding for slower ASP erosion comes as little surprise, particularly given looming cut-throat margin pressure on smartphone pricing," said Ben Wood, analyst at CCS Insight. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Hackers spread virus with swine flu vaccine offer also on reuters Full Coverage: Reuters Media Summit Most Americans not confident about financial future Blog: Back to (buyout) biz as usual More Technology News Yahoo expands integration with Facebook Google offers publishers limit on free news access Microsoft denies "black screen of death" issues Avoid flirty patients on Facebook, doctors told Microsoft, News Corp reports overplayed: source More Technology News... More News UPDATE 4-Nokia sees cellphone market up 10 pct in 2010 9:20am EST European shares edge lower; financials weigh 7:01am EST NSN says ready to offer $810 million for Nortel unit Tuesday, 1 Dec 2009 05:41pm EST Nokia files suits against display, monitor makers Tuesday, 1 Dec 2009 05:38am EST UPDATE 4-Nokia plans one Linux phone next year -source Monday, 30 Nov 2009 12:55pm EST Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Somali sea gangs lure investors at pirate lair Who's afraid of high-frequency trading? 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