Alarmed by shrinking smartphone market share Nokia cuts prices and could report a loss for this quarter and next. The move is aimed at preventing more customers defecting to rivals'' smartphones, a Reuters poll says.

According to various reports coming in the once undisputed leader in market is losing market share to cheap chines and Indiana handsets. The Analysts also forecast a meager profit in the normally buoyant fourth quarter, as the once-undisputed leader in mobile phones loses the initiative to smartphones like Apple's iPhone and devices based on Google's Android software.

|Analysts now expect the company to report a second-quarter loss of 0.04 euro per share and a loss of 0.05 euro for the third. They have also lowered their core EPS outlook for 2012 and 2013.