Nokia is set to confirm a significant drop in its financial performance for the first quarter, amid slackening demand for new mobile phone handsets.
According to a report from Forbes, the results will be the Finnish company’s worst for years.
Signs that Nokia was already struggling under the weight of the downturn were evident last month when the company revealed that it plans to cut 1,700 jobs worldwide in a bid to cut costs.
The firm’s chief executive Olli-Pekka Kallasuvo also outlined how heavily the downturn had impacted on the mobile phone industry in interviews given earlier this year.
Mr Kallusavo told the Forbes news agency: "A market leader like Nokia has a better opportunity to face the challenging conditions than weaker competitors.
“We are now in the toughest environment ever. Nokia is no way in a crisis, but the challenges are huge."
News of the company’s faltering fortunes comes at it is planning a series of new handset launches this year.
These include three new touchscreen phones and the Nokia 5030 XpressMusic handset
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