While China's blistering economic growth is cooling, Nokia Corp. said it still expects fast expansion of its business there and in other emerging markets because there are still plenty of people who don't yet have mobile phones.
        China is the world's largest mobile market, with over 600 million mobile-phone users. But with a population of 1.33 billion, the country offers a large pool of other potential customers.
        Chief Financial Officer Rick Simonson said Nokia sold 70.7 million phones in China last year, for a total of €6.2 billion (US$8.25 billion) in revenue.
        "There's still a lot of penetration to go in the China market before it's saturated," Mr. Simonson said.
        Nokia, the world's largest mobile-phone maker by unit sales, leads its competitors in selling cheap handsets and holds a commanding market share in markets such as India and China.
        Nokia's global market share for the first nine months of the year slipped to 38% from 40% as rivals slashed the prices of handsets to levels that the company said were "unsustainable." But Nokia said it expects to hold or gain market share in the fourth quarter.
        Mr. Simonson also isn't concerned with slowing economic growth in China. The country's third-quarter gross domestic product grew 9% from a year earlier, slowing from the 10.4% expansion in the first half.
        Phones costing less than €50 accounted for half of Nokia's sales volume in the third quarter, and a majority of those sold for less than €30, Mr. Simonson said.