
After a few years of negative headlines, things had been looking slightly more positive for Nokia lately, largely thanks to the advent of its impressive range.
However, its time out of the smartphone limelight seems to have caught up with the company, with the Finns now expected to announce losses for the first half of 2012.
Even as it , Nokia's Symbian devices had always helped the company stay in the black, but it now forecasts losses of £104m ($165m) for the first two quarters.
Nokia Lumia
The company is blaming the emergence of its big smartphone rivals in the Middle East, Africa, India and China for falling sales, which are 40 per cent lower year-on-year.
Cheaper handsets incoming
Upon news of Nokia's recent ill-fortune the stock market reacted with shares falling almost 16 per cent per cent to a 15-year low.
Nokia CEO Stephen Elop remained upbeat about the emergence of the Lumia devices and partnership with Windows Phone.
He told a phone conference: "Within our Smart Devices business unit, we are increasing our investments in Lumia: to more consumers and to more markets.
He also added that the company will "accelerate planned cost reductions and we will pursue significant structural actions if and when necessary," meaning cheaper devices are on the horizon.