Nokia losses pile up as sales plunge

Nokia Corp. reported Thursday that its third quarter net loss widened further to (EURO)969 million ($1.27 billion) with a 19 percent plunge in revenue, as it struggles against the dominance of Samsung and the iPhone in the tough smartphone market.Net sales dropped to (EURO)7.2 billion ($9.45 billion), and Nokia gave a grim outlook for the rest of the year as it prepares for this fall's launch of Microsoft Corp.'s new phone software, Windows Phone 8.The Finnish firm said sales of its flagship Lumia phones - its first Windows-based devices launched a year ago - dropped to 2.9 million units from 4 million in the previous quarter. It acknowledged it expects no quick gains from the new Windows launch, warning that the current three-month period would be "challenging ... with a lower-than-normal benefit from seasonality in volumes."Click here for full story