The company reported a 64% slump in third quarter profits. Yahoo announced 54.3million net profit in 3Q, while it was $151.3m in the same period last year.

Yahoo has rejected a buyout offer from Microsoft earlier this year.

These new results from Yahoo are worse than expected, as its revenues increased just 1% compared to $1.79bn (a year earlier).

Under chief executive Jerry Yang leadership, the company has been fighting throughout this year to maintain its independence.

During January this year, Microsoft offered $47.5bn to buyout the company, but Yahoo refused that offer, saying Microsoft undervalued the company.

Then Yahoo announced to develop an advertising tie-up with Google and this plan is still being studied by competition regulators.

Because of considerable decrease in profits, it is the second big job cut announcement during nine months and according to some analysts many Yahoo investors are not happy with the company’s decision of not accepting $47.5bn Microsoft’s offer.

Global financial crisis and increasing economic slowdown made things bad to worse and now it seems that Yahoo may feel attraction anywhere near that figure. Similarly, company’s possible tie-up with search giant Google will also play a vital role to decide its fate.

According to Nokia, problems with the production of its new mid-range phones and rivals’ aggressive pricing for the downrange are the factors behind market share loss. However, it says that it would recover its market share during the rest of the year.

The company says that its market share will be lower in the third quarter than its share in the second quarter that was around 40%.

The increasingly aggressive pricing strategies of rival phone makers have also been flagged up by Nokia.

Rick Simonson, who is the chief financial officer, says that the company doesn’t believe that such a strategy can be maintained.

Some analysts are considering the share price movement quite surprising.

Greger Johansson, an analyst at Redeye, says that the current share reaction is quite shocking.

Though things are not encouraging at all, Nokia believes that its market share would grow 10% in terms of shipment and the market share would be recovered in the rest of the year.

Just like other markets, mobile device market is also facing the economic downturn as the weaker consumer confidence has hit sharply the markets.