Nokia Logs Loss as Sales of Less Sophisticated Phones Slips

  Nokia struggling to reinvent its smartphone business around Microsoft’s Windows software, said Thursday that it had a loss of €929 million in the first quarter as sales plunged 29 percent because of flagging demand for its older Symbian smartphones. 

The loss, equivalent to $1.2 billion, contrasts with a €344 million profit a year earlier. Sales fell to €7.4 billion in the quarter from €10.4 billion a year earlier. The Nokia president and chief executive, Stephen Elop, said Nokia would accelerate its cost-cutting efforts amid what he described as a mixed response to its new Lumia smartphones with Microsoft.