Nokia announced today a massive loss of €487 — about $692 million — in the second quarter, on revenues of €9.275 billion ($13.2 billion). Sales of the Finnish company’s handsets from April through June were 11 percent less than that of the previous quarter, and down 7 percent — about a billion dollars — from the same time last year.

Total Nokia handset shipments fell 20 percent year-to-year in the second quarter to 88.5 million units. The company’s smartphone segment took the largest hit, with shipment volume of those devices falling by 34 percent to just 16.7 million. The drop in smartphone shipments was large enough that Apple now sells more iPhone units — 20.34 million during the same time period — than all of Nokia’s smartphone sales put together.

Despite the poor earnings results, Nokia CEO Stephen Elop remains optimistic about the direction of the company.

Source: Digital Trends