By Marcus Leach

Nokia have reported losses for the final quarter of 2011, due to a sharp fall in sales of mobile devices.

The mobile phone giants made an operating loss of 954m euros ($1.26 billion, £800 million). Net sales fell 21% on a year earlier to 10bn euros.

"The fourth quarter of 2011 marked a significant step in Nokia's transformation," said chief executive Stephen Elop.

"Overall, we are pleased with the performance of our mobile phones business."

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