Nokia's Second-Quarter Earnings Fall

Nokia's (NOK) second quarter earnings fell 40%, fueling speculation that its CEO is on his way out. The cell phone giant, which is facing a slipping market share, reported net profits of €227 million, or $291 million, for the quarter, down 40.3% over last year, the company announced Thursday.

Nokia, which earlier issued a profit warning for the quarter, posted profits that were in-line with analysts lowered expectations, according to a MarketWatch report.

Nokia's sales for the quarter reached €10 billion, or $12.9 billion, up 1% over the same time last year. The company has been under pressure to jump-start its line of high-end phones as it faces increasing heat from Apple's iPhone. Earlier this week, the Wall Street Journal reported the mobile phone maker was looking for a new CEO.