Nokia loses $1.38 billion in Q4

Nokia loses $1.38 billion in Q4, sells 1 million Windows Phones

The Lumia line is Nokia's first range of handsets running on the Windows Phone software, and since the series debut in October, Nokia has released just two phones -- the Lumia 710 and the Lumia 800 -- to Europe, Hong Kong, India, Russia, Singapore, South Korea and Taiwan.

Only the Lumia 710 is currently available in the U.S. The newly announced Lumia 900, a phone designed specifically for the U.S. market, is expected to hit stores as early as March. Nokia has yet to launch its Lumia phones in China or Latin America. 

Overall Nokia sales fell 21% in the last three months of the year, while smartphone shipments fell 31% from a year ago. Much of Nokia's smartphone dip is attributable to the decline in popularity of phones running the company's Symbian and MeeGo operating systems as consumers have turned to Google's Android platform and the iPhone. When Nokia agreed to take on Windows Phone, it stated that it would abandon Symbian and MeeGo as well.

The company's $1.38-billion fourth quarter loss follows a profit of about $980 million a year earlier.