Nokia overtaken by arch rival Apple

NOKIA has lost its crown as the world's largest manufacturer of smartphones to its buoyant rival Apple.

The Finnish firm yesterday announced a loss of €368 million (324m) in the second quarter. It said shipments of smartphones fell 34 per cent to 16.7 million units, which means Nokia is no longer the biggest player in this sector. Apple recently said it sold 20 million iPhones in the same quarter.