Phone maker Nokia has published its financial results for the second quarter of 2012, reporting a $1 billion (826 million euros) operating loss on $9.21 billion in net sales (7.5 billion euros), according to The Next Web.

Analysts expected Nokia to have sold 4 million Windows Phone-powered Lumia phones in Q2, roughly doubling from the first quarter, and that’s exactly what it did in reality. It only sold 600,000 phones in the U.S. though.

Overall, the Finnish company sold a meager 10.2 million smartphones, down 14 percent compared to last year. Feature phone Q2 volumes increased 4% quarter-on-quarter and year-on-year to reach 73 million units, Nokia said.

The company ended Q2 with gross cash of 9.4 billion euros ($11.6 billion) and net cash of 4.2 billion euros ($5.2 billion).

Nokia announced in its annual SEC financial report for 2011 that, despite overhauling its strategy, it still suffered a $1.4 billion operating loss in 2011, compared its $2.74 billion profit in 2010.

Its market cap stands at roughly 5.5 billion euros ($6.75 billion) today. That’s roughly 55 times less than at its peak, in 2000, when Nokia boasted a market value of over 300 billion euros.