News Summary: Nokia Q2 sales fall by 24 percent

News Summary: Nokia 2nd-quarter net sales fall by 24 percent; cost-cutting boosts bottom line

Associated Press

FURTHER STRUGGLES: Cellphone maker Nokia Corp.'s woes continued in the second quarter with revenues dropping 24 percent.

LOSS TRIMMED: Nonetheless, cost-cutting helped the Finnish company's trim its net loss to 227 million euros ($298 million), compared with a net loss of 1.41 billion euros a year earlier.

LUMIA HOPES: Nokia lost its dominant position in the smartphone market when it failed to keep up with the likes of Apple's iPhone and handsets that use Google's Android software. It had hoped to remedy that by teaming up with Microsoft in 2011 to work on a range of Lumia phones. Sales of the Lumia phones in the second quarter increased by 32 percent, at the lower end of analysts' expectations.

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