HIGHLIGHTS-UPDATE 1-Nokia executives' comments at investor day
(Adds comments, links)
NEW YORK/HELSINKI, Dec 4 (Reuters) - Nokia (NOK1V.HE) cut its view on fourth-quarter and 2009 cellphone sales on Thursday at its annual investor day of presentations. [ID:nL4202047]
Following are comments from management: OLLI-PEKKA KALLASVUO, CHIEF EXECUTIVE
ON CHANGING CONSUMER HABITS
"In this environment we expect some consumers to trade down to less expensive devices -- not all, but some."
ON SMARTPHONE OFFERING
"We did not have an ideal smartphone portfolio earlier this year. The smartphone portfolio is improving, there's no doubt about that.
ON NOKIA SIEMENS NETWORKS (NSN)
"NSN is in a far better position to weather an economic downturn than a year ago."
ON 2009
"As we head into a challenging year, Nokia needs to act appropriately by cutting costs."
"2009 will be a challenging year for the mobile devices industry. That's very clear, but I believe Nokia will fare much better than our competitors ... We are taking actions for tougher economic times."
ON MARKET SHARE
"Make no mistake, we do have ambitions for higher market share and believe it continues to be critical to our business."
"Market share is important but we aim to take market share in a way that is sustainable."
ON PRICING TACTICS
"I tend to believe that turning up the heat slowly is better than going for the kill." RICK SIMONSON, CFO
ON OUTLOOK
"The global slowdown continues, there's no doubt."
"Our view on the market is realistic; we're under no illusions about it improving in the near term."
"We don't think it's time to give long term operating margin targets. 2009 operating margins won't be at the level we've enjoyed recently."
"In terms of the market, this is our best educated guess."
ON CURRENCY MARKET FLUCTUATIONS
"There's no way you could have had hedges against the violence that's been in the market."
ON CASH POSITION
"We're pretty good, but we're going to be working on more cash ... and building cash back up. I think it's the prudent thing to do."
ON SMARTPHONE MARKET
"On smartphones we actually see positive growth, but we haven't given the numbers." KAI OISTAMO, HEAD OF DEVICES BUSINESS
ON SITUATION IN U.S.
"Relationships with carriers in the U.S. are stronger than they have been in years."
For main story [ID:nL4202047]
For FACTBOX on company, market outlook [ID:nL4329893]
On changes in marketing spend [ID:nN04392529]
On regional market shares [ID:nL4702883]
On services revenue outlook [ID:nL4684475]
on Nokia-RIM royalty agreement [ID:nHEL006887] (Reporting by Sinead Carew and Tarmo Virki, editing by Gerald E. McCormick)
