As the company expands the market for smartphones on a daily basis, Nokia’s main competitors, including Apple and Android devices, have minimized this Finland-based company’s share of the market from 45 percent to only 37.4% last year alone. This, in addition to the 60% loss Nokia’s shares has suffered ever since  iPhone had launched three years ago, reflects a very slippery slope for the company, especially in the last 12 months.

“The struggle to develop a smartphone with the same mass appeal forced Espoo, Finland-based Nokia to cut prices, sacrificing profits to defend its market share.

Nokia slid as much as 2.5 percent in Helsinki today.  The shares were 1.9 percent lower at 7.72 euros as of 11:45 a.m.”

This is only the latest of the blows Nokia has suffered, despite its latest effort to regain the volume of its old market share.  These efforts come in the form of the new touchscreen N8 smartphone, introduced last week in the annual Nokia World event.

A report coming from the event  indicating that their new Smartphone has the biggest number of pre-orders any Nokia product has encountered so far is indeed an optimistic one, but with its constantly sinking shares, it seems that the public still hasn’t enough confidence in Nokia’s appointment of the new CEO Stephan Elop, nor in its latest line of Smartphones.

To make matters worse, rumors of a delay around the release of the upcoming Nokia N8 have raised questions around the handset maker’s ability to become more competitive in the growing market.  Nokia’s numerous attempts to make a comeback simply may not be enough, as holiday shopping season is coming fast, and the competition introduces half a dozen new products every week.

In other news, LG has faced a similar debacle, making a few executive changes of its own.