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Nokia posts massive quarterly loss
Nokia posts massive quarterly loss

The world leader in the manufacture of mobile phones, Nokia of Finland, has reported a quarterly net loss which was far worse than expected.

Nokia had issued a profit warning last week, but Thursday's announcement of a net loss of 929 million euros ($A1.18 billion) in the first quarter of the year was far beyond the loss of 554 million euros broadly expected by analysts polled by Dow Jones Newswires.

Sales fell by 30 per cent on a 12-month comparison to 7.354 billion euros, and this figure was in line with analysts' expectations.

Shortly after the results were announced, the price of shares in Nokia was showing a gain of 1.0 per cent in an overall Helsinki market which had advanced by 1.7 per cent.