Nokia today is reporting a massive loss of $834 due to slow economy recovery and component shortages, this is the first time Nokia reports this kind of loss and as expected the its share value is being beaten on the market lossing a 6%, but while there may be a components shortage due to Apple’s hunger for flash memory and lcd screen, Nokia is suffering a stronger competition in all level, not only the iPhone is eating Nokia’s business but Samsung, LG and others are taking away market from the smartphone giant.

Nokia’s response to the iPhone was weak and it hasn’t launched any real threat to stop Apple from taking away marketshare, plus Nokia little presence in the American market, something that Apple has taken seriously, moving its iPhone everywhere, while Nokia has concentrated its effort in Europe.

The iPhone has been Nokia’s nightmare and it should move as quickly as possible to launch a mobile phone that not only has more power, more megapixels and extra features, it really needs to reinvent itself with new ideas, no iPhone-like phones, Nokia needs something better than that to compete with the iPhone.