Nokia slashes phone prices as market growth returns

Nokia slashes phone prices as market growth returns
The never ending price wars over smartphones continues with the world’s largest phone maker cutting prices across its portfolio in late January – placing its cheapest smartphone model in the same range of mid-range handsets from rivals Samsung and Sony Ericsson. With their grasp still intact on the global mobile phone market share, slashing prices is part of its normal operating business – roughly around 10 percent this time around. The Nokia 5230 has been affected by this move which makes it Nokia’s lowest priced smartphone at 120 euros; down from its usual retail price of 170 euros ($239). Even with the global recession still lingering, demand for inexpensive smartphones has helped the segment grow with sales jumping 30 percent in the October-December quarter – according to research firm Strategy Analytics. By decreasing prices, they are directly targeting their competitors like Sony Ericsson – they focus on mid-range or feature phones which usually aims on something like good cameras or music players; lacking smartphone elements. Even though the global economy is still trying to rebound, Nokia says it expects the cell phone market to grow 10 percent this year.

source: Reuters


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