Nokia Shares Tumble Despite Lumia Sales Pick Up

The Nokia Lumia 720
Photographer | Matt Clinch
The Nokia Lumia 720

Finnish mobile phone maker Nokia trimmed its losses in the first quarter, thanks to stronger Lumia smartphone sales.

But the shares fell 10.7 percent in Helsinki because of weaker than expected guidance for the second quarter.

Nokia, which has fallen behind Samsung and Apple in the smartphone race, said it sold 5.6 million units of Lumia handsets in the first quarter, up from 4.4 million in the previous quarter.

The company's first-quarter underlying loss, which excludes special items, decreased to 0.02 euros from 0.08 euros a year earlier. Markets had expected a 0.04 loss, according to a Reuters poll.

Its telecoms equipment venture Nokia Siemens Networks, however, posted an unexpected fall in sales.