Searching for a silver lining
It looks like the mobile handset market has been hit even worse than the PC one, if Nokia's latest quarterly results are anything to go by.
The handset giant announced a year on year fall of 27 percent in its net sales for the last quarter, which contributed to a 90 percent year on year fall in net profit.
In the search for a bright side, CEO Olli-Pekka Kallasvuo conceded is has been an exceptionally tough environment, but said said: "Regarding the health of the overall mobile device market, the inventory already in the sales channels decreased substantially during Q1 due to extensive destocking by operators and distributors.
"This adversely impacted our sales volumes in the quarter. However, it has also resulted in the demand picture becoming more predictable as we enter the second quarter."
The volume of mobile devices shipped by Nokia was down 19 percent year on year and its market share was 37 percent, down from 39 percent a year ago but level with the previous quarter.
In spite of all this, Nokia's shares were up around nine percent at time of writing.