Business Bites: Poor smartphone sales lead to huge losses for Nokia

Finnish mobile phone maker Nokia has announced it made a net loss of 929m euros ($1.2bn; £760bn) in the first three months of the year.

Nokia issued a profit warning last week but the figures are still worse than expected.

Its smart phones have been selling poorly compared to the iPhone and Android devices.

Now the former world leader for mobile handsets is starting to lose the market share for its cheaper phones as well.

The BBC's Aaron Heslehurst discusses one of the key financial story of the day.