Nokia posted its fourth quarter numbers today, and although it lost a staggering €1.07 billion ($1.38 billion), it could have been much worse.
To put things into perspective and show just how quickly the tide shifted for Nokia, during the fourth quarter of the previous year, Nokia reported a €745 profit.
But things have changed more rapidly and more radically in the mobile space than ever before, leaving Nokia and its antiquated Symbian operating system in the dust.
Smartphone sales fell 23% on a year-to-year basis, causing the company's total revenue to drop by billions of dollars.
However, what these stark negative numbers do not adequately represent is a recent turn in the company's horizon. Nokia's Lumia phones, powered by Windows Phone, launched in the fourth quarter in Europe, and are gaining even more momentum now that they're making their way to the US.
Nokia CEO Stephen Elop said more than 1 million Lumia devices have been sold to date. And that's based on a short frame of time and territory.
"From this beachhead of more than 1 million Lumia devices, you will see us push forward with the sales, marketing and successive product introductions necessary to be successful. We also plan to bring the Lumia series to additional markets including China and Latin America in the first half of 2012," said Elop in a statement.
So the fourth quarter was a terrible, almost awe-inducing quarter for Nokia, but the company is confident that in a few months from now when its next earnings report comes out, people will be singing a very different tune.