Nokia losses hit $1.7 billion in Q2

  • Nokia’s losses hit $1.7 billion in the last three months as the mobile phone maker continued to lose market share to Samsung and Apple.

    Sales slumped 19 percent to $9.26 billion, with smartphone sales plunging 34 percent to $1.89 billion.

    Nokia, once the world's leading mobile phone maker, has faced stiff competition in recent years partly due to its late entry into the smartphone market.

    Last week, the company halved the price of its flagship Lumia 900 phone in the U.S. in a bid to challenge its rivals.