Nokia shares have plummeted 5.6% after the company revealed a sharp drop in second quarter sales.
The mobile phone firm sold 53.7m units over the three months till the end of June, down 27% on the same period last year, when it sold 73.5m.
The number of new Lumia phones sold increased by 21% from sales in the first quarter, rising from 6.1m to 7.4m units.
But the figure represents an overall drop in smart device figures compared to the three months till the end of June 2012, when sales hit 10.2m units.
CEO Stephen Elop said: "Our mobile phones business unit started to demonstrate some signs of recovery in the latter part of the second quarter following a difficult start to the year.
"Our mobile phones business unit is planning to take actions to focus its product offering and improve product competitiveness."
Elop added that he was "very proud" of the Lumia range, and predicted it would bring in increased revenue in the third quarter.
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He said: "During the third quarter, we expect that our new Lumia products will drive a significant part of our smart devices revenue."
But Nokia’s mobile device sales dropped significantly in the second quarter compared to last year – a 27% decrease from 83.7m units to 61.1m.
Accordingly, net sales took a 32% hit from 4bn to 2.7bn units over the two second quarter periods.
