After a few years of negative headlines, things had been looking slightly more positive for Nokia lately, largely thanks to the advent of its impressive Lumia Windows Phone range.
However, the time spend out of the smartphone limelight seems to have caught up with the company, with the Finns now expected to announce losses for the first half of 2012.
Even as it lost market share to Apple and Android, Nokia's Symbian devices had always helped the company stay in the black, but it now stands to lose £104m ($165m) in the opening two quarters.
The company is blaming the emergence of its big smartphone rivals in the Middle East, Africa, India and China for falling sales, which are 40 per cent lower year-on-year.
Cheaper handsets incoming
Upon news of Nokia's recent ill-fortune, the stock market reacted with shares falling almost 16 per cent to a 15-year low.
Nokia CEO Stephen Elop remained upbeat about the emergence of the Lumia brand and then partnership with Windows Phone.
He told a conference call: "Within our Smart Devices business unit, we are increasing our investments in Lumia: to more consumers and to more markets.
He also added that the company will "accelerate planned cost reductions and we will pursue significant structural actions if and when necessary," meaning cheaper devices are also on the horizon.