Note from the picture - Nokia had strong growth in its smartphones until Elop took charge, and was profitable in smartphones every single quarter along the way. After Elop took over, Nokia continued to grow strongly smartphone sales AND make a profit. Only after the disasterous Burning Platforms memo, Nokia sales collapsed and in just one further quarter, Nokia smartphones were plunged into loss-making. Since then Nokia has produced a loss every quarter in the smartphones.
The Microsoft Windows Phone based Lumia smartphone strategy might have worked, but Elop messed that up. The handsets are utterly non-competitive and now the evidence is in, that Nokia's loyal customers reject them at a rate of 92%. There were design flaws - both in hardware and in softare, admitted both on Nokia's side and on Microsoft's side - in each of the three Lumia handsets so far ! Physical design and software problems that need to be fixed after sales in the Lumia 800, in the Lumia 710 and again now in Lumia 900. This is a disaster for which there can be no recovery with Lumia. Lumia is now synonymous with failure in any smartphone customer's mind or that of a phone sales person.