Nokia's Slide Puts Damper on Finns' Great Expectations

Nokias Slide Puts Damper on Finns Great Expectations
"The hype about everything going digital is over," said Ilpo Koskinen, an industrial design specialist at the University of Art and Design in Helsinki.

"What happened when Nokia grew in the 1990s was that Finland was suddenly an interesting place. Now the situation has changed, and we are back in normal times - business as usual. What I think is really new is the realization that Nokia can make mistakes."

While the company is still by far the biggest mobile phone manufacturer in the world - making twice as many handsets as Motorola, its nearest rival - Nokia's share of the market has slipped below 30 percent this year from over 35 percent last year, according to industry estimates.

As the dominant player in its home economy, employing 22,000 workers in Finland and dictating the fortunes of some 6,000 companies acting as suppliers and subcontractors, Nokia stock once made up more than two-thirds of the total value of shares traded on the Helsinki stock exchange. Now, that proportion has fallen to less than 30 percent, though it remains the most traded stock, the exchange said.

Three times this year, Nokia has warned investors that its earnings will be lower than forecast, and with uncharacteristic disregard for profit margins, the company has cut its prices to try to win back market share lost to rivals like Samsung