Nokia, the world's top handset maker, reported its first loss in a decade amid rising competition in the smartphone market.

The Espoo, Finland-based company said its smartphones market share plummeted to 35 percent from 41 percent in the previous quarter -- a drop that was worse than expected.

It also reported a loss of $832 million in the third quarter, as sales fell nearly 20 percent.

"Our volumes and net sales were, however, somewhat constrained by component shortages we encountered across the portfolio," said Olli-Pekka Kallasvuo, Nokia's chief executive.

For the past year, Nokia has been hit hard by a global recession that has made many consumers trade down to cheaper phones.

At the same time, competition in the smartphones industry has become increasingly tougher with many consumers opting for Apple's iPhone or RIM's BlackBerry over Nokia devices.

"I think that consumers will again begin to realize that mobile phones are a necessity and that they need to buy new ones and replace their old models," said Kallasvuo. "I expect the fourth quarter to be the best quarter of the year in terms of net sales, volumes and margins."

The company hopes to reverse trends in the fourth quarter as it rolls out a new netbook and handsets that boast more music features and mesh better with Facebook, including the Linux-software based N900.

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Yes,many mobile companies giving to much competition to Nokia.I think this is the first time that nokia got loss in this market.That's why only it is better to decrease price of nokia mobiles and release some cheap and best mobiles.

nokia mobile phones