Shares in Nokia have tumbled 13% after the struggling telecommunicaitons company reported another quarter of losses.
The company made a €339 million loss in the three months to March. However that is an improvement on the same quarter last year when it lost nearly €1.6 billion.
Despite higher sales of its Lumia smartphones, up nearly 30% for the period, Nokia failed to offset an overall decline in its mobile phone unit in the first quarter.
The company is trying to catch up with rival smartphone makers Apple and Samsung and analysts are now wondering whether its route to success is in emerging markets with low-cost handsets.
However, IHS senior analyst Dexter Thillien says Nokia will still face major competition.