Finnish mobile phone company Nokia's net loss nearly quadrupled in the second quarter on sagging sales of smart phones, a market in which the company is struggling to regain ground lost to rivals including Apple and Samsung.
Shares in the company jumped, however, as sales of low-end phones buoyed revenue and shipments of the new Lumia phones, which run on Windows software and will replace the older smartphone models, were not as bad as feared.
Nokia posted Thursday a net loss of $1.72 billion, compared with a loss of about $451 million in the same period last year.
Overall sales were down 19 percent.
This marks a fifth straight quarter of losses for Nokia.
After 14 years as the leading mobile-phone manufacturer, a position it lost earlier this year, its value has dropped 64 percent this year to its lowest value since 1994.
Since Apple’s introduction of the iPhone in 2007, Nokia has lost $117 billion of value.
It now has a market cap of 6 billion Euros.
CEO Stephen Elop hopes the companies line of powerful Lumia smart phone will stem that loss. Nokia has shipped 4 million Lumias phones, which runs on the Microsoft Windows Phone OS.
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