Nokia CEO Stephen Elop has conceded the mobile phone company's Q2 results were "clearly disappointing" but claimed it was making "better than expected progress" as it shifts OS platform from Symbian to Windows Phone.
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The company recorded an operating loss of €487m (compared to a profit of €295m in 2010) on sales down 7% at just under €9.3bn. Sales of smartphones and mobile phones declined by 20% by value. The company sold 8.5m less smartphones and 22.5m less mobile phones in the quarter.
Elop admitted the challenges faced by Nokia in its strategic transformation towards the Windows platform "manifested in a greater than expected way" in the quarter.
He added that the company was confident its "deliberate and unwavering commitment to making the changes necessary at Nokia is the right way to deal with the disruptive forces in our industry".