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Nokia's battle to rejoin the race with Apple and Google's Android has seen the world's largest phone maker burn through over €1bn (£830m) in a year, with unit sales of smartphones down 31% in the last quarter.
The fall in sales of handsets running Nokia's Symbian operating system, which the company is phasing out in favour of Microsoft's Windows Phone software, has come harder and faster than the company originally anticipated.
But investors took heart from chief executive Stephen Elop's forecast that the company would reverse a €954m loss in the fourth quarter of 2011 to reach break-even during the first quarter of 2012, and shares rose in morning trading.