Nokia’s Q4 Losses Stand at €1 Billion, Elop Pins Hope on Lumia Smartphones

Nokia, the world's largest mobile phone maker by volume has announced a €1.07 billion loss for the final quarter of 2011. According to the company, the loss can be primarily attributed to a steady decline of its smartphone sales across the world and that despite a comparatively better performance by Lumia line up of smartphones.

On Thursday, the company posted a worrying 21 percent year-on-year decline in its sales, barely making it to the €10 billion mark for the last quarter of 2011. Apart from that, the handset sales also lowered substantially - by 29 percent to be more specific.

"In the war of ecosystems, clearly there are some strong contenders already on the field. And with Lumia, we have demonstrated that we belong on the field," Nokia's CEO Stephen Elop said in a statement while expressing his sense of optimism for the days ahead, ZDNet reports.

Windows phone powered Lumia range of smartphones may be the light at the end of the tunnel for Nokia as they may be able to steer the company away from the swap of losses. Elop has revealed that Nokia has sold more than a million units of Lumia smartphones and these figures might be the reason behind his optimism for the days to come.