Tough times are hitting everyone now a days and nobody knows it better than Nokia at the moment.

The Finnish manufacturer just released the first quarter earnings report and it looked quite bleak by some standards. They reported that their Q1 profits were down a staggering 90%. Along with this sales were down 27% While this sounds quite bad, and for Nokia’s growth it definitely is, it doesn’t spell the end for this mobile giant by any means.

While profits and sales were down Nokia’s stock price still rose 8% in recent times and they still hold a dominant 37% share for the mobile market. In addition to that their smash hit the Nokia 5800 XpressMusic has been selling steadily and continues to be a popular phone. Also, with the new E75 and the upcoming internet juggernaut the N97 we expect Nokia to continue to do just fine.

So they’re still strong and seem to be adapting to the economic slowdown. We hope that they’ll remain strong for a while.

Do you think Nokia can still maintain their position in the mobile market with this current global economic climate? Are you reconsidering your portfolio?