In a statement issued on Friday Nokia updated it outlook (view of the mobile market) for Q4 2008 and 2009. Nokia expects Q4 sales of all mobile phones to be lower than initially expected at around 330 million. It expects its own market share to be the same or slightly up. For 2009 Nokia is expecting volumes to be down compared to 2008 (i.e. less mobile phones will be sold in 2009 than in 2008). Both these changes are attributed to 'continuing overal economic slow down'.

The news comes as no real suprise given the current economic situation. Nokia may be better placed to face the challenging conditions than some of its competitors. Olli-Pekka Kallasvuo, Nokia CEO, says "Nokia believes that its advantages of scale, leading brand, superior logistics, low cost and broad product portfolio are competitive advantages that will enable us to distinguish ourselves from the competition in a challenging 2009."

Here are the relevant sections from the Nokia release:

Updated Outlook for the Fourth Quarter 2008:

• As a result of the rapid change in global consumer spending, which has impacted the mobile device market, Nokia now expects that the industry mobile device volumes will be lower in the fourth quarter 2008 than previously expected. We now estimate fourth quarter 2008 industry mobile device volumes will be approximately 330 million. This is sequentially up from the estimated 310 million in the third quarter of 2008. This would result in a current estimate of industry mobile volume of 1.24 billion in 2008, instead of the earlier estimated 1.26 billion units, up from 1.14 billion units Nokia estimated for 2007.
     
• Nokia continues to expect its mobile device market share in the fourth quarter 2008 to be at the same level or slightly up, sequentially. This expectation is based on our current view, external market data and the overall competitiveness of our device portfolio.
   
• Nokia expects that Devices & Services sales and profitability in the fourth quarter 2008 will be negatively impacted, due to the aforementioned factors.

Preliminary Industry Outlook for 2009:

• Nokia's preliminary estimate is that the industry mobile device volumes will be down in 2009 compared to 2008, impacted by the continuing overall economic slowdown.
   
  
• Nokia and Nokia Siemens Networks preliminary estimate is that the mobile infrastructure and fixed infrastructure and related services market will be down in euro terms in 2009 compared to 2008.