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"Nokia has posted heavy losses for the last fiscal quarter, revealing a deficit of \u20AC1.41 billion (\u00A31.1bn).  The Finnish firm&amp;#039;s sales fell by 19%, while its smartphone division&amp;#039;s profits dropped by 34%, a figure which sees the company lose ground on Apple and Samsung. Nokia sold four million of its flagship Lumia smartphones during the last three months, in line with its estimates, but the overall figure of 10.2 million handsets shipped was 39% lower than this time last year. Nokia CEO Stephen Elop said: &amp;quot;We are navigating through a significant company transition in an industry environment that continues to evolve and shift quickly. &amp;quot;Over the last year we have made progress on our new strategy, but we have faced greater than expected competitive challenges.&amp;quot; Last week, Nokia announced that it is slashing the price of its Lumia 900 smartphone in the US following Microsoft&amp;#039;s announcement that its upcoming Windows Phone 8 will not be compatible with current generation phones. Nokia was once the world&amp;#039;s leading smartphone manufacturer, in the days before its Symbian operating system was eclipsed by Google&amp;#039;s Android. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.digitalspy.com/tech/news/a394243/nokia-posts-heavy-quarterly-losses/>