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LYNN NEARY, HOST:

NPR's business news begins with a poor reception for Nokia's new smartphone.

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NEARY: Nokia gave its Lumia smartphone a splashy launch this month. The phone runs on a new Microsoft operating system and is a key part of the Finnish company's efforts to regain market share. But yesterday, Nokia admitted that its phones aren't connecting with consumers and sales results have been mixed. Now to better compete, the company plans to deeply lower the prices of its Lumia phones. Nokia reported a $1.2 billion loss for the first quarter yesterday. Revenue dropped 29 percent. Transcript provided by NPR, Copyright NPR.