Nokia's year on year financial results for Q2 haven't been kind to the Finnish manufacturer, with a 62 per cent drop in operating profit.

Net sales are also down 24.6 per cent year on year as Nokia shows that not even the big names are immune from the economic downturn.

The company's market share did rise to 38 per cent of overall sales from 37 per cent three months ago, but it's still down from the 40 per cent share it held at the same point last year.

Contractions

In another indication the mobile market is contracting, sales also fell for the Finns by 15 per cent year on year, with just over 100 million units shifted.

Overall profit plummeted from around two billion Euros to just 775 million, with handsets and services making up a bulk of that loss. Nokia's Comes with Music all you can eat download service was mentioned in the report, but just as a highlight due to its extension, with no indication of whether it has cost the company money to commence.

Olli-Pekka Kallasvuo, Nokia CEO said: "Nokia increased our share of the global mobile device market sequentially [from the last quarter] to an estimated 38 per cent and grew our smartphone market share to an estimated 41 per cent. As a result of strong operational execution, underlying operating margins improved sequentially in all segments.

"Competition remains intense, but demand in the overall mobile device market appears to be bottoming out. As before, we are continuing to tightly manage our operating expenses.

"We are balancing short-term priorities with our longer-term growth ambitions as elements of the mobile handset, PC, internet and media industries converge to form a new industry.

"Consumers will increasingly expect devices and services designed as integrated solutions."

Suffering

Nokia predicts that the market will continue to suffer in the coming months, although it has predicted a slight upturn in the amount of phones shifted this year, although that will still constitute a 10 per cent drop year on year.

We've tried to pick out the important bits of the report here for you (if you can believe it) but if you want the whole extensive document, check it out here.