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Summary Box: Nokia posts loss as sales plunge

The window of Nokia's flagship store  displays an advertisement of the new Nokia Lumia mobile phone in Helsinki on Thursday, April, 19, 2012 .  Mobile phone manufacturer Nokia published its weak first quarter 2012 results on Thursday.
The window of Nokia's flagship store displays an advertisement of the new Nokia Lumia mobile phone in Helsinki on Thursday, April, 19, 2012 . Mobile phone manufacturer Nokia published its weak first quarter 2012 results on Thursday.
Markku Ulander) FINLAND OUT, AP Photo/LEHTIKUVA

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.