Nokia has announced an operating loss of 1.1 billion euros, for the first three months of this year.
It wasn't unexpected though: the Finnish phone manufacturer issued a warning last week, and when it did its share price dropped by 14%. So we can imagine there are very few smiles around in the firm's office right now, especially if you compare the 1.1 billion euro loss this quarter to the 439 million euros worth of profit they made in the same quarter last year.
Nokia admitted there was a software bug with their latest smartphone, the Lumia 900, last week and overall their smartphone sales are down over 50%, revenue is down 29% and they made a net loss of 929 million euros this quarter too.
So how is the beleaguered firm going - to quote their CEO - navigate 'through a significant company transition in an industry environment that continues to evolve and shift quickly'?
It's feeling the heat in a crowded marketplace, what with cheaper phone and tablet alternatives from Asian manufacturers hitting the shops. But Nokia is confident that increased interest in the Lumia range and their other new phones using the Microsoft Windows platform, coupled with more stringent cost-cutting will help them weather the storm.