Good news, shocking news in Nokia result

The good news in Nokia's second-quarter result: the Finnish phone maker sold 7.4 million phones in its Windows-based Lumia series, a 32% increase from the prior quarter.

The Lumia line now outsells Blackberry's entire phone lineup, from it's slow selling Z10 down - helping to establish Microsoft's Windows Phone as the firm number three platform in the smartphone market, if some distance behind Google's Android and Apple's iOS (leading Android phone maker Samsung sold 64.7 million smartphones in the second quarter and Apple 38.3 million iPhones in the first quarter).

The company hopes its recently previewed Lumia 1020, which features a 41 megapixel camera, will continue the line's momentum - even as users go crazy for the low-fi Instagram app (so far no available for Windows Phone).

Another bright spot: the company's mobile network infrastructure business (from which it recently bought out partner Siemens) was in the black.

Elsewhere, the news was all bad.

Nokia sold 61.1 million mobile devices in the quarter, down from 83.7 million a year ago and 113.5 million at the end of 2011, when Stephen Elop joined as CEO (from partner Microsoft) and Nokia first started selling Windows Phone-based handsets.

Revenue crash, narrower loss
The slow down in "feature phone" or basic phone sales contributed to a 24% crash in total revenue to to €5.7 billion. Analysts had expected €6.8 billion.

The second-quarter net loss narrowed to €227 million from €1.4 billion a year earlier. Analysts projected a loss of €258.8 million.