Nokia pins hopes on soaring Lumia sales following 24% dip in Q2 revenues

Mobile manufacturer Nokia reportedly suffered a loss of 115 million euros in the second quarter as its revenues fell 24 percent to 5.7billion euros.

According to the Guardian, to add a bit of relief from company's sinking revenues, its Lumia smartphones finally outsold rival BlackBerry, which is considered a key milestone in its attempt to establish itself as the 'third ecosystem' in market dominated by Apple and Google's Android.

The report said that BlackBerry fell behind with just 6.8 million handset sales in the quarter to the end of May as the Lumia range has outsold it for the first time.

Chief executive Stephen Elop said that Nokia's mobile phones business unit has started to demonstrate signs of recovery in the latter part of the second quarter following a difficult start to the year but added that it would 'take actions to focus its product offering and improve product competitiveness'.

However, smartphones analyst for the research company IDC, Francisco Jeronimo observed that Nokia continued to show no signs of recovery in the US market and added that it has 'high investments, high expectations but low results', the report added.