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Nokia loses $1.7 billion, but Lumia phones kept it from being much worse

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Tsering Topgyal/AP/File

(Read caption) In this file photo from June, an Indian shopkeeper selling Nokia mobile phones awaits customers in New Delhi, India. Nokia's net loss more than tripled in the second quarter.

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Nokia posted a second-quarter loss of as much as $17.4 billion, with year over year net sales loss of 26 percent, according to an earnings announcement the company released today.

This marks a fifth straight quarter of losses for Nokia. After 14 years as the leading mobile-phone manufacturer, a position it lost earlier this year, its value has dropped 64 percent this year to its lowest value since 1994.

Since Apple’s introduction of the iPhone in 2007, Nokia has lost $117 billion of value. It now has a market cap of 6 billion Euros.

CEO Stephen Elop hopes the companies line of powerful Lumia smart phone will stem that loss. Nokia has shipped 4 million Lumias phones, which runs on the Microsoft Windows Phone OS.

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