Nokia lowers its third quarter 2008 mobile devi...

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Nokia Corporation
Stock exchange release
September 5, 2008 at 15.00 (CET+1)

Espoo, Finland - Nokia today updated its mobile device market share
outlook for the third quarter 2008. Nokia now expects its mobile
device market share in the third quarter 2008 to be lower than in the
second quarter 2008. This compares to Nokia's earlier estimation
provided in the second quarter results announcement on July 17, 2008,
when the company said it expected its mobile device market share in
the third quarter 2008 to be approximately at the same level
sequentially.

Nokia continues to target an increase in its market share in mobile
devices for the full year 2008.

Nokia expects the overall mobile device market in 2008 to be impacted
by the weaker consumer confidence in multiple markets. However, Nokia
continues to expect industry mobile device volumes in 2008 to grow
10% or more from the approximately 1.14 billion units Nokia estimated
for 2007. Nokia also continues to expect industry mobile device
volumes in the third quarter 2008 to be up sequentially.

Nokia's current estimate that its mobile device market share in the
third quarter 2008 will be lower than previously expected is due to
multiple factors. These factors include Nokia's tactical decision to
not meet certain aggressive pricing of some competitors, the overall
market competition, including the entry markets, and the temporary
impact of a slower ramp-up of a mid-range Nokia device. Nokia's
strategy is to take market share only when the company believes it to
be sustainably profitable in the longer term. Nokia has not broadly
participated in the recent aggressive pricing activity - as it
believes that the negative impact to profitability would outweigh any
short term incremental benefits to device unit sales.

We expect the product launches and start of shipments to be on track
during the remainder of the third quarter and the fourth quarter
2008. Driven by its new products and services, Nokia continues to
believe its product portfolio will be very attractive for the rest of
the year.

Nokia will report its third quarter 2008 results on October 16, 2008.

Nokia will be hosting a conference call at 13:30 UK time (8:30 EST).
The dial-in number for media (listen only - the question and answer
session will be limited to financial analysts and investors only) is
[phone]. Conference ID: 63476957.

The dial-in number for financial analysts and investors is US:
[phone] Conference ID: 63476957. UK: [phone].
Conference ID: 63484035.

 A replay of the call will be available soon after the call
completion. The replay number is US: [phone] or
[phone]. Conference ID: 63476957.


FORWARD-LOOKING STATEMENTS

It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding: A)
the timing of product, services and solution deliveries; B) our
ability to develop, implement and commercialize new products,
services, solutions and technologies; C) expectations regarding
market growth, developments and structural changes; D) expectations
regarding our mobile device volume growth, market share, prices and
margins; E) expectations and targets for our results of operations;
F) the outcome of pending and threatened litigation; G) expectations
regarding the successful completion of contemplated acquisitions on a
timely basis and our ability to achieve the set targets upon the
completion of such acquisitions; and H) statements preceded by
"believe," "expect," "anticipate," "foresee," "target," "estimate,"
"designed," "plans," "will" or similar expressions are
forward-looking statements. These statements are based on
management's best assumptions and beliefs in light of the information
currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results
that we currently expect. Factors that could cause these differences
include, but are not limited to: 1) competitiveness of our product,
service and solutions portfolio; 2) the extent of the growth of the
mobile communications industry and general economic conditions
globally; 3) the growth and profitability of the new market segments
that we target and our ability to successfully develop or acquire and
market products, services and solutions in those segments; 4) our
ability to successfully manage costs; 5) the intensity of competition
in the mobile communications industry and our ability to maintain or
improve our market position or respond successfully to changes in the
competitive landscape; 6) the impact of changes in technology and our
ability to develop or otherwise acquire complex technologies as
required by the market, with full rights needed to use; 7) timely and
successful commercialization of complex technologies as new advanced
products, services and solutions; 8) our ability to protect the
complex technologies, which we or others develop or that we license,
from claims that we have infringed third parties' intellectual
property rights, as well as our unrestricted use on commercially
acceptable terms of certain technologies in our products, services
and solution offerings; 9) our ability to protect numerous Nokia and
Nokia Siemens Networks patented, standardized or proprietary
technologies from third-party infringement or actions to invalidate
the intellectual property rights of these technologies; 10) Nokia
Siemens Networks' ability to achieve the expected benefits and
synergies from its formation to the extent and within the time period
anticipated and to successfully integrate its operations, personnel
and supporting activities; 11) whether, as a result of investigations
into alleged violations of law by some current or former employees of
Siemens AG ("Siemens"), government authorities or others take further
actions against Siemens and/or its employees that may involve and
affect the carrier-related assets and employees transferred by
Siemens to Nokia Siemens Networks, or there may be undetected
additional violations that may have occurred prior to the transfer,
or ongoing violations that may have occurred after the transfer, of
such assets and employees that could result in additional actions by
government authorities; 12) any impairment of Nokia Siemens Networks
customer relationships resulting from the ongoing government
investigations involving the Siemens carrier-related operations
transferred to Nokia Siemens Networks; 13) occurrence of any actual
or even alleged defects or other quality issues in our products,
services and solutions; 14) our ability to manage efficiently our
manufacturing and logistics, as well as to ensure the quality,
safety, security and timely delivery of our products, services and
solutions; 15) inventory management risks resulting from shifts in
market demand; 16) our ability to source sufficient amounts of fully
functional components and sub-assemblies without interruption and at
acceptable prices; 17) any disruption to information technology
systems and networks that our operations rely on; 18) developments
under large, multi-year contracts or in relation to major customers;
19) economic or political turmoil in emerging market countries where
we do business; 20) our success in collaboration arrangements
relating to development of technologies or new products, services and
solutions; 21) the success, financial condition and performance of
our collaboration partners, suppliers and customers; 22) exchange
rate fluctuations, including, in particular, fluctuations between the
euro, which is our reporting currency, and the US dollar, the Chinese
yuan, the UK pound sterling and the Japanese yen, as well as certain
other currencies; 23) the management of our customer financing
exposure; 24) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile devices
and lawsuits related to them, regardless of merit; 25) unfavorable
outcome of litigations; 26) our ability to recruit, retain and
develop appropriately skilled employees; 27) the impact of changes in
government policies, laws or regulations; and 28) our ability to
effectively and smoothly implement our new organizational structure;
as well as the risk factors specified on pages 10-25 of Nokia's
annual report on Form 20-F for the year ended December 31, 2007 under
"Item 3.D Risk Factors." Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the
forward-looking statements. Nokia does not undertake any obligation
to update publicly or revise forward-looking statements, whether as a
result of new information, future events or otherwise, except to the
extent legally required.


Nokia, Helsinki - September 5, 2008

Media and Investor Contacts:
Corporate Communications, tel. [phone]
Investor Relations Europe, tel. [phone]
Investor Relations US, tel. [phone]

www.nokia.com


 
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NOKIA
P.O. Box 226<br>FIN-00045 NOKIA GROUP   Espoo 

WKN: 870737; 
ISIN: FI0009000681; Index: DJ STOXX Large 200, DJ STOXX 50;
Listed: Nordic list (Large Cap) in THE HELSINKI STOCK EXCHANGE;