Nokia announced that it has sold 4 million Lumia phones, meeting analyst expectations. But that's about all that the company could boast about in its earnings report Thursday.

Overall, the Finnish smartphone giant posted more than $1 billion in losses and said sales were down 5 percent in the second quarter.

It will be interesting to see how well the company can continue to sell its phones as its partnership with Microsoft matures. While the Nokia 900 won't be supporting the next generation of Windows Phone software, Nokia has made it clear that it's releasing new, lower-priced phones that will run on Windows 8. The company is looking to compete with Asian device makers, such as Huawei and ZTE, according to a report from The Wall Street Journal.

The Lumia line part of a renewed push from Nokia — until recently the world's largest cellphone maker — to put out more innovative products.

Chief Executive Stephen Elop has been making tough choices in the past year in an effort to make Nokia a slimmer, more focused company, including a decision to cut 10,000 jobs by the end of 2013.