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Nokia Oyj, the Finnish mobile-phone maker attempting a comeback, reported revenue that missed analysts' estimates as intensifying competition across the market cut the number of handsets sold by 27 per cent.
Second-quarter sales fell 24 per cent to Euro 5.7 billion ($7.5 billion), Espoo, Finland-based Nokia said on Thursday. Analysts projected Euro 6.4 billion, the average of estimates compiled by Bloomberg. While sales of the Lumia smartphone line rose to 7.4 million units, demand for older and more basic phones fell.
Nokia has lost more than Euro 5 billion in nine quarters as Chief Executive Officer Stephen Elop's comeback bid hasn't reversed market-share declines. Nokia's basic phones are losing users to Chinese rivals.
