Nokia has reported a net loss of $1.72 billion in the second quarter, compared with a loss of a €368 million in the same period last year.

The Finnish company’s cash at the end of the second quarter stood at 4.2 billion euros, higher than the 3.8 billion euros expected by analysts.

Its feature phones, which are a hit in emerging markets and represent 60% of total global shipments, also did better than expected according to IDC analyst Francisco Jeronimo.

And so some respite for Nokia’s shares: they ticked up by 11.5% to $1.93 in opening trading in New York, though they are down 60% in the year to date.

Chief Executive Stephen Elop said it had been a ”difficult quarter,” but his employees were “demonstrating their determination to strengthen our competitiveness.”

Overall sales were down 19 percent to €7.54 billion, not as low as analysts’ forecast of €7.36 billion, according to financial data provider FactSet. Smartphone sales were the weak point, dropping 34 percent to €1.54 billion, as shipments of the new Lumia devices could not make up for a slump in demand for the older models.

The Finnish company was the world’s leading mobile phone maker for more than a decade but was overtaken by Samsung in the first quarter, according to research firm Gartner.

Last month, Nokia announced plans to slash 10,000 jobs and close down research and development facilities in Ulm, Germany, and Burnaby, Canada, as well as its main manufacturing plant in Salo, Finland. Nokia aims to save €1.6 billion through these measures by the end of next year.

Nokia’s CEO Stephen Elop said the third quarter would “remain difficult” as the phase-out of Symbian phones continues. He said the upcoming launch of a new version of the Windows operating system -Windows Phone 8 -would be an “important catalyst for Lumia.”