Nokia says "no" to vendor financing

Nokia has said that it will not be offering vendor financing to aid customers hurt by the downturn in the economy. "I'm not a bank," Nokia CFO Rick Simonson said Thursday during the company's third-quarter earnings conference call. Nokia's profits dropped 28 percent for the quarter. However, Nokia CEO Olli-Pekka Kallasvuo said the Helsinki-based vendor is not blind to the shifts in the global economy. "We have our eyes wide open to what is happening out there," he said. "We are doing our financial planning for next year and will be appropriately prudent," about operating costs.

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