The great telecommunications business story also seems to be waning off. The world’s largest telecom maker Nokia has reported a dismal set of numbers for the first quarter of 2009. It has reported a 60%+ drop in profits on a 27% sales drop.

Sony Ericcson has also reported a steep drop in the topline, and it has gone into a massive loss in the first quarter. The steep drop in the sales in China and India and all across the developed world, has resulted in bad times for the so-far strong Telecom companies.