Nokia Sales Down 24% In Last Three Months

Mobile phone maker Nokia has reported a 24% drop in second quarter sales compared to the same period last year.

The Finnish firm said its net loss narrowed in the Q2 to 227m euros (£195m) compared to a net loss of 1.41bn euros (£1.2bn) a year earlier.

The struggling mobile maker said like-for-like sales in the quarter dropped to 5.7bn euros (£4.9bn) from 7.5bn (£6.45bn) in 2012.

Despite the decline, Nokia said sales of the company's flagship Lumia phones increased by 32% compared to Q1.

It said first quarter Lumia sales totalled 7.4 million handsets.

The results, however, were weaker than analysts had expected.

The company's share price fell 5% in midday trading at the Helsinki Stock Exchange.

The results show that chief executive Stephen Elop, hired in 2010 to turn the company around, has yet to prove his bold choice in 2011 to adopt Microsoft's untested Windows Phone software was the right one.

Sales of regular mobile phones, which still account for over half of its device revenues, were also weaker than expected.

Shipments of such handsets fell to 53.7 million units, far lower than the market's average forecast for 56.2 million.

That showed customers are switching to rival handsets and upgrading to smartphones more quickly than expected.

Nokia has been cutting costs and selling off assets to buy time for a turnaround.

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