Nokia's first quarter revenue dipped significantly as the company tries to rebuild its brand with Windows Phone.
Nokia, the struggling Finnish handset maker, reported quarterly sales dipped 29 percent as the company tries to rebuild its business amid massive competition.
The company reported revenues of 7.4 billion Euros, which is down from 10.4 billion Euros during the same quarter a year ago. The company said it lost 25 Euro cents per share.
Nokia also said Thursday that its top sales executive Colin Giles is stepping down. Niklas Savander, executive vice president of markets will take over.
Nokia warned last week that its earnings would fall short of expectations due to weaknesses in emerging markets. Nokia said that "competitive industry dynamics" in developing markets such as India, China, Africa and the Middle East led to a shortfall. The shortfall in sales affected the company's gross margins.
Still, the company's CEO Stephen Elop is encouraged by the company's strong start to its Lumia product line in the U.S. The company said that it sold more than 2 million Lumia 900 smartphones the first few days the device was on sale.
"We are navigating through a significant company transition in an industry environment that continues to evolve and shift quickly," CEO Stephen Elop said in a statement. "Over the last year we have made progress on our new strategy, but we have faced greater than expected competitive challenges."
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