Nokia’s chief financial officer has recently commented that the cellphone market hasn’t touched bottom yet, and that the company believes that there’s obviously more troubles to come.

On the other hand, the company is glad that inventories were swiftly cleared out, and this has strengthened their “belief in the future”.

Nokia’s sales saw a 27% drop in the January-March timeframe, and despite calming their competitors by reportedly seeing signs of stabilizing demand in handset markets, they still believe we can look forward to a few more months of lackluster sales.

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