Nokia (NYSE: NOK) shares are indicated for a lower open following the release of the company's first-quarter 2012 operating results Thursday morning.

Revenue for the Espoo, Finland-based mobile OEM giant fell 29 percent from €10.399 billion during the same quarter last year to €7.354 billion. Nokia swung from profit of €704 million to a loss of €260 million, as adjusted. On a per share basis, Nokia posted a loss of €0.08, down from a profit of €0.09 per share in the same period last year.

Leading the charge downward -- as expected -- was Nokia's Devices & Services division, which reported a 40 percent decline in net sales (or 38 percent drop on a constant currency basis).

Nokia saw a loss of €590 million in net cash from operating activities, up sharply from a negative €173 million in the same quarter last year.

In terms of average selling price, Nokia reported a 22 percent drop to €51 as gross margin compressed 4.4 points to 24.4 percent.

North American sales slipped 34 percent, while Nokia reported a 70 percent drop in Greater China sales.

Total volume plummeted 24 percent to 82.7 million units. North American volume dropped 50 percent to 600,000 units while Greater China fell 62 percent to 9.2 million units. Nokia saw modest 4 percent declines in Asia/Pacific and the Middle East & Africa.

CEO Stephen Elop issued some comments on Nokia's call earlier. The following are some of the key points made:

• The company is "acting with urgency" on cost savings;
  
• Nokia has strong liquidity and capital structure;
  
• Lumia sold-out at many AT&T (NYSE: T) stores in the U.S., though overall Lumia sales have been "mixed";
  
• Nokia continues to evaluate all options for NSN;
  
• Nokia has enough cash to move through a transition;
  
• Still focused on Windows Phone, disposal of non-core assets; and
  
• Will expand Lumia into new markets during Q212.

Early Thursday, Nokia shares are down about 1.3 percent.

Earnings