The phone company reported a first-quarter loss of €1.57 billion euros, down from year-earlier profit of €231 million."We are navigating through a significant company transition in an industry environment that continues to evolve and shift quickly," CEO Stephen Elop said in a statement. "Over the last year we have made progress on our new strategy, but we have faced greater than expected competitive challenges." Share of Nokia fell 3.02% in premarket trading Thursday to $3.85. TheStreet Ratings gives Nokia a C- grade and hold rating. -- Written by Alexandra Zendrian
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