Nokia, Again, Cuts Forecast for Cellphone Market

Nokia Corp. on Thursday cut its forecast for the global handset market for the second time in three weeks, warning that the industry slowdown has hit more rapidly than expected as consumers cut spending.

To offset the sales slump, the world's largest mobile-phone maker said it would cut costs next year and in 2010.

Nokia said it expects fewer than 330 million phones to be sold world-wide in the fourth quarter, lower than the estimate it gave Nov. 14 when it issued a profit warning. Next year's volumes are expected to fall 5% or more from 2008 levels, the Finland-based ...