In its second quarter report, Finnish mobile phone maker Nokia posted a net loss of $1.72 billion.
Last year during the same period, Nokia also posted a loss, which only amounted to $451 million; it has since quadrupled. Just a few years ago Nokia led the way in phone sales and technology but with companies like Samsung and Apple offering better smartphone choices and prices, Nokia has seen its revenue decline.
Research firm FactSet previously forecasted that Nokia would stand to lose about $9 billion in overall sales. In the report, Nokia indicated their loss to be around $9.2 billion.
Despite the massive net loss, Nokia did show encouraging revenue numbers with their new Lumia phone lineup. Nokia's Lumia phones are powered by Windows. Nokia partnered with Microsoft last year in an attempt to compete with the smartphones offered by Samsung and Apple. Looking at the numbers, the partnership has not paid off.
Nokia did expect sales to decline stating that the company is in a transition period. The choice to stick to Symbian phones hurt Nokia's sales. It cut 10,000 jobs in June and shut down research facilities in three countries -- Finland, Canada and Germany.
Nokia's CEO Stephen Elop said in a conference call via NBC News, "We're committed to Windows Phone as our primary smartphone strategy. We've learned that it takes a tremendous amount of work to break through ... and we're viewing the launch of Windows Phone 8 as an important moment in this journey."
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