It is not a big shocker that the global economy is seeing some effects from the problems facing the U.S., but our love for Nokia handsets has us really taking this news to heart.  According to the Q3 2008 financial report, net sales are down 5% year on year and down 7% sequentially, devices and services net sales are down 7% year on year and 5% sequentially and most importantly Nokia estimated mobile device market share is down 39% from Q3 2007 and down 40% in Q2 2008.

All is not dark and gloomy for Nokia, estimated industry mobile device volumes is up 8% year on year and 2% sequentially and Nokia mobile device folumes is up 5% year on year and 3% sequentially.  With the Nokia N96 just launching, the 5800 XpressMusic coming soon and an upcoming full touchscreen Nseries device, there are plenty of handsets in Nokia’s pipeline that could help boost sales.  The biggest problem facing Nokia device sales in the U.S. is finding carriers to subsidize the cost because finding buyers for a $900 N96 might be a challenge as our stock market plummets.

Via Nokia Press Release