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Nokia makes £760m loss as it loses smartphone war

19 April 2012 Last updated at 09:45 BST

The mobile phone manufacturer, Nokia, made a net loss of 760 million pounds in the first three months of this year. The Finnish manufacturer remains the world's biggest mobile phone maker but popular smartphones produced by rivals such as Apple and Samsung have cut into its market share

The company issued a profits warning last week and earlier this week its credit rating was slashed to just one step above junk status.

Jeremy Howell reports.