Nokia Corporation has just announced their results for the first quarter of 2009 and it is not looking good.  They made a profit of $160 million, but that is a drop in 90% from the year before.  In 2008, Nokia’s first quarter profit was $1.6 billion.  Revenues were also down.  This year in the first quarter, sales were about $12.2 billion and last year it was $16.7 billion for the same time period.

“The macro [economic] environment is causing many people to trade down and purchase lower priced handsets,” stated Nokia CEO Olli-Pekka Kallasvuo.  Nokia is facing pressure from the smartphone competition.  Apple and RIM are selling them by the millions.