Nokia Corporation (NYSE:NOK) no longer at the top of the phone market

On Thursday, the Finnish mobile company, Nokia Corporation (ADR)(NYSE:NOK), will be revealing the report on their lowered sales and their loss of market shares while the investors are on the look out for the new Windows Phone Software 8 by Microsoft which, according to them, will be an important deciding factor, which will determine the future of Nokia, in the wake of their falling sales and decreasing popularity.

Nokia used to be one of the top-most sellers of phones, before the market got overtaken by the likes of Apple and Samsung. To top it off, the company is also losing its market shares to the other, Asian-made low-end devices. Things are not looking good for the company, since in the first quarter, Samsung overtook Nokia and other companies, by managing to sell about 86.6 million devices. Nokia, however, managed to sell only 83 million devices. This data has been given by a research firm called Gartner.

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The association with Microsoft is being looked at as a beacon of light, because the investors are hoping that the partnership with the software giant will help reverse Nokia’s current luck, and it will put the company back at the top. The Symbian platform, on which their older model were operating, lead to a loss, while their Windows-based Lumia phones saved face, by selling much more in North America. The phones lead to the sale of about 4 million copies in the second quarter, which is more than double of what they managed to sell in the first.

With market shares reduced to a meager 29 percent in 2011, from a 40 percent in 2008, the company saw the loss of about €1.4 billion in the second quarter. This is quadruple the amount of losses they had incurred before. The sales went down to 19 percent and managed to fetch about €7.5 billion. These dismal figures have lead the company to change to a Microsoft operating system, which has completely replaced the Symbian software. Stephen Elop who is the CEO of Nokia, said that the third quarter would be slow as well, since the Symbian phones are not completely out of the system, and they hope for better results after that.

Shares of NOK were up 5.22% to $2.82 in Tuesday’s session.