Nokia warns of losses for first two quarters

Mobile - 11/04/2012

(Reuters) - Nokia warned its phone business would post losses in the first two quarters of this year as it struggles to revamp its product line to compete with Apple and Samsung, sending its shares 19 percent lower. Earlier on Wednesday, the struggling firm said it had found a software bug in the new Lumia 900 smartphone, its big hope to take on Apple's iPhone, and was effectively giving the model away until it is fixed. Nokia shares fell as low as 3.10 euros, their lowest level since 1997. The stock had already crashed more than 50 percent since Nokia announced in February 2011 it was dropping its own Symbian operating software and switching to the largely untried Windows Phone system developed by Microsoft.