If you google "drop in Sales" right now, Nokia and Blackberry are in the top 5 search results!
Despite Launching Lumia 800 at the beginning of last quarter and selling over a Million Lumia phones by the end of the quarter, Nokia still recorded losses, as these sales failed to make an impact in the Smartphone market or even put a dent on iPhone/Android sales (iPhones sold more than 37million in comparism to Lumia's 1 million).
Report Summary (from ZDnet)
Nokia, the Finnish handset maker reported a 21% year-on-year decline in all sales to €10bn (£8.36bn) in the last three months of 2011. Handset sales decreased by 29 percent to €6bn. In particular, smart device revenue dropped 38 percent to €2.7bn, with shipments falling by 13 percent to 19 million, even though Nokia introduced and sold more than 1 million Lumia smartphones during the quarter.
Even with Microsoft paying Nokia $250 Million to adopt windows Phone
In regards to Symbian, Nokia lost 1.5Billion Euros compared to 1.3 Billion Euros it made in profits from the same platform last year 2010 (obviously due to the N8).
Elop noted Symbian sales figures were lower due to "changing market conditions" and the strong performance of its Windows Phone handsets. I wonder what "strong performance" of windows phone he is talking about, maybe he sees the future?!
The harsh truth is that Nokia isn't going to record HUGE Lumia sales anytime soon, atleast not until Microsoft launches Windows 8 and Windows Phone Apollo later this year but its probably going to take another year for these new products to have any impact on the market.
so in reality, Lumia sales will stagnate until 2013 ending and until then, Nokia will have to put out some Amazing Symbian/MeeGo Phones to disrupt the market and also stay relevant, until Windows Phone can become a major competitor (because right now it isn't).
Look on the bright side, with Nokia counting all these losses, many say it better than what was expected (imagine if it wasnt!!).
The Good news is Nokia will get back on top, most Financial Analysts agree. However, they also agree this rise wouldn't happen anytime soon.