Reuters: Nokia to slash handset prices

By Editorial Team (Friday, 1st August 2008)

Nokia is about to cut prices across its entire mobile phone ranges in a move that can only increase the pressure on rival handset manufacturers.

A report by Reuters says that the largest price cuts are on the Nokia 5310 and Nokia 5610 music phones, as well as the 8GB Nokia N81. A cut of up to ten per cent applies to all other handsets.

Although customers are likely to be pleased by the price reductions, analysts and traders are less enthusiastic.

"This is basically a way to run away from competition. You're putting a lot of pressure on your less competitive peers," David Hallden, analyst at Cheuvreux, told the news agency.

In recent months, Nokia has successfully fought off its closest rival Sony Ericsson. It is now the dominant manufacturer in big emerging markets like India.

According to IDC's Worldwide Mobile Phone Tracker, Nokia enjoyed growth of 21 per cent in the second quarter.

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