Wealth Finance

IPhone has dialed up the competition against the former leader in the smartphone industry.

Nokia, once the world’s biggest handset maker, has been overtaken by Apple. The Finnish company said it sold 16.7 million smartphones in the quarter, compared to Apple’s 20.3 million iPhones.

Nokia’s phone sales volume was down 20% from a year ago, even as the overall global market grew around 10%. According to Reuters, Nokia’s overall market share fell to nearly 24% from 29% in the previous quarter – a huge drop from when Nokia had a near-40% market share.

Nokia, credited with creating the smartphone market in 1996 with its first Communicator model, has in recent years failed to match the appeal of Apple and RIM’s Blackberry.

It is now pinning its hopes on a new suite of devices using Microsoft software that will hit the market later this year.

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