Nokia continues to loose money in Q2 2012

Nokia released its Q2 2012 Interim Report report for the year's second quarter today, revealing an operating loss of €826 million ($1.02 billion) despite a slight increase in net sales. Nokia also announced that four million Lumia devices have been sold during the quarter.

The company's report also reveals it had net sales of €7.5 billion ($9.2 billion), up from €7.4 billion ($9.08 billion) in the previous quarter. Nokia increased its overall sales of smartphones both quarter-over-quarter and year-over-year. However the company had a positive year-over-year change in its net sales for devices and services only in North America, with increases of 45 percent year-over-year and 38 percent quarter-over-quarter for the continent.

Nokia's CEO Stephen Elop said: "Nokia is taking action to manage through this transition period. While Q2 was a difficult quarter, Nokia employees are demonstrating their determination to strengthen our competitiveness, improve our operating model and carefully manage our financial resources."

Nokia continued to spend its cash reserves, but at a much slower rate than analysts had expected. The company now has €4.2 billion ($5.16 billion) in net cash, a decrease from last quarter's €4.87 billion ($5.98 billion). According to CNBC, market analysts had expected Nokia's cash reserves to fall to €3.7 billion. Nokia expects its third quarter to be similar to its second quarter.