Nokia reports heavy third quarter losses

Nokia has reported heavy third quarter losses.

The mobile phone giant announced a downturn of 151m euros (£132m) in the three months to September, from a 322m-euro profit in the same period, BBC News reports.

Net sales losses of 3% to 9bn euros (£7.8bn) saw the firm lose ground on competitors such as Apple and Samsung. Company shares have plummeted by 41% so far this year.

Nokia revealed that it has sold 16.8 million smart devices during the fiscal period, a year-on-year decline of 38%. However, the volume of phones rose by 8% to 89.8 million, attributed to the sale of low-cost standard handsets.

The Finnish phonemaker's new line of smartphones will be powered by Microsoft's Windows operating system, rather than Nokia's legacy Symbian software.

"I am encouraged by our progress around the first Nokia experience with Windows Phone," Nokia boss Stephen Elop said. "We look forward to bringing the experience to consumers in select countries later this quarter."

Last month, Nokia confirmed plans to cut 3,500 jobs and shut down a plant in Romania as part of its cost-cutting restructure.

> Read our latest technology news