Nokia Corporation (NYSE:NOK) Shares Extend Rally Despite Expectations On Lower Sales and Net Losses

Nokia Corporation (ADR)(NYSE:NOK), which will be announcing its results on Oct 18, is expected to post a loss and a further slide in its market share.

For the September quarter Nokia did not have any game-changing launches to talk about as Lumias it unveiled in the first week of September will be available for sale only in November.

Nokia has already lost the smartphone race to Samsung and Apple, which are leagues ahead of it. Even in the low-end segment here it had a good grip with its feature phones, it seems to be losing some of its sparkle as local Asian makers in collaboration with Google's Android have been flooding the market with their attractively priced handsets.

For the quarter just-ended investors and analysts will be watching out for the Finnish company's cash reserves as this will give them an idea of how far it can tide over till such time as it launches its Lumias and the revenues start coming in.

Nokia has said that the sales decline it witnessed in its older phones running on Symbian have been offset by the surge in sales of its newer phones which run on Windows software.

 Nokia sold 4 million Lumia phones worldwide in the quarter — double the amount in the first quarter.

In the second quarter the European handset maker reported a loss of $1.7 billion on revenues of $9.8 billion, which saw a dip of about 19 percent.

The company's market share, which was about 29 percent in 2011, is expected to diminish further this year.

Analysts expect the company to post a loss in the quarter with sales falling to 83 million units.

Shares of the company are up 5.78% to $2.84 after surging over 4% in yesterday’s session.