World-leading mobile phone maker Nokia Corp. on Thursday said profits plunged 69 percent in the fourth quarter and warned the economic downturn would batter the handset industry harder than previously thought.

As it released quarterly results below expectations, Nokia said it was losing market share, but promised sharp cost cuts and insisted it was still best equipped to ride out the recession.

“A market leader like Nokia has a better opportunity to face the challenging conditions than weaker competitors,” Chief Executive Olli-Pekka Kallasvuo told reporters in Helsinki.

Net profit was euro576 million ($743.62 million), down from euro1.84 billion in the same period in 2007.

They still made a profit. $743 million in fact. A profit people. How bad is the economy if your company is still making a profit?

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