Nokia CEO Stephen Elop promised to move the company forward with “a clear sense of urgency” as it registered a loss of over €1.3 billion in the first three months of 2012.

Overall revenues at the Finland-based vendor decreased 29 percent to €7.3 billion between January and March when compared to the same period last year.

Sales in the company’s mobile phone segment fell 32 percent after it shipped almost 26 million fewer units, while the smart devices segment fell 52 percent.

The news was just at bad at joint venture Nokia Siemens Networks, which registered a €1 billion loss and saw revenues decline seven percent on lower infrastructure sales.

Only the company’s location and commerce business unit registered a rise – revenues there grew 19 percent to €277 million.

“We are navigating through a significant company transition in an industry environment that continues to evolve and shift quickly,” said Elop.

“Over the last year we have made progress on our new strategy, but we have faced greater than expected competitive challenges.”

Colin Giles, head of sales, seems to have carried the can for the poor performance as it was announced that he will leave at the end of June.

The company also announced the Lumia 610 would be rolled out across Asia in the coming weeks, advertising would increase and  “key customer-requested features” would be introduced.