What’s the effect of the US slowdown?

The king has taken a knock. Nokia warned that the U. S. slowdown is now extending to other economies, and said that is cutting into demand for Nokia’s handsets, and for its growing mobile infrastructure business.
    In April, a more optimistic Nokia said it was on course for a 20 percent sales growth this quarter. That forecast has been cut in half. Tuesday’s warning knocked a whopping ＄3l billion off Nokia’s market cap. Nokia joins rivals Motorola and Ericsson in warning about sales. The rate of new phone purchases has slowed dramatically in Europe, with customers reluctant to trade up to new handsets.