Nokia losses reach 1.4bn euros

Nokia's troubles deepened after it announced that it has made losses of 1.41 billion euros ($1.66 billion) in the last three months.

Overall sales fell 19 per cent to 7.54 billion euros, while smartphone volumes also dropped 34 per cent to 1.54 billion euros.

Up until the first quarter of 2012, Nokia was still regarded as the leading mobile phone maker and had been labelled as such for more than a decade before being replaced by Samsung.

Chief executive of the firm Stephen Elop said it was facing “greater than expected competitive challenges”.

In a bid to bridge the market share between itself and Samsung and Apple, Nokia halved the price of its marquee Lumia 900 just three months after its release.

“While Q2 was a difficult quarter, Nokia employees are demonstrating their determination to strengthen our competitiveness, improve our operating model and carefully manage our financial resources,” the beleaguered chief executive added.

Posted by Simon Thomas

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