Ailing smartphone maker Nokia has been forced to cut the prices of its smartphones in Europe in order to drive sales.
Citing industry sources, a report on Reuters claims that Nokia expects the price cuts to increase the faltering sales of its smartphones.
The company, which is expected to post losses in the second and third quarter, will slash the price of its flagship N8, C7 and E6 smartphones by as much as 15 per cent, though other price cuts will be a bit smaller, the Reuters source said.
“There are no very big cuts per model, but the scale - across the portfolio - has not been seen for a very, very long time,” a source working in a leading European telecom operator told the news agency.
Nokia, once the global leader in the smartphone market, has seen its market share and sales dip at an alarming rate in the past year or two as consumers in Europe and North America are favouring smartphones based on Google’s Android platform and Apple’s iOS based iPhone.
The company held a 25.5 per cent share of the global smartphone market in the first quarter of this year, down from 39 per cent a year before, according to Gartner.
Nokia meanwhile, failed to comment on the report but said that the price cuts were a part of its regular business strategy.