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Nokia reported its earnings for the first quarter of 2013 on Thursday. The company noted an operating loss of EUR 150 million and, while sales of its Lumia smartphones were up, overall sales were down for the quarter.

Nokia's Devices and Services unit noted net sales of EUR 2.9 billion, down 25 percent from the fourth quarter of 2012. The company sold 55.8 million phones during the quarter, a 30 percent drop that was blamed on "competitive industry dynamics." Despite that shift, Nokia sold 5.6 million Lumia units, a 27 percent bump from the fourth quarter, which it said reflects "increasing momentum" for the product line.

"We have areas where we are making progress, and areas where we are further increasing the focus," Nokia CEO Stephen Elop said. "For example, people are responding positively to the Lumia portfolio, and our volumes are increasing quarter over quarter."

Elop said that Nokia is taking "tactical actions" to address the competitive mobile phone landscape.