THE NUMBERS: Nokia Corp. reported a huge €929 million ($1.2 billion) net loss in the first three months of the year. A year ago it had a profit of €344 million. Revenue slid 30 percent to €7.4 billion.
WHAT HAPPENED: The struggling cellphone maker blamed tougher-than-expected competition.
THE CONTEXT: The result represents one of the company's worst ever quarters and came as it faced stiff competition from the likes of Apple Inc.'s iPhone and handset makers using Google Inc.'s popular Android software.