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(Pocket-lint) - Nokia has been quick to lower expectations ahead of its financial results being made public.

The manufacturer has said that its Devices & Services business is in the “midst of transition” and blames other contributing factors as being “competitive industry dynamics” and “gross margin declines”.

With Nokia effectively conceding that other manufacturers, namely Apple and Samsung – the latter recently publishing very impressive results – have gained a march on it, the Finnish outfit was keen to focus on the future, albeit with no immediate quick fix.

Nokia claims to have sold over two million Lumia devices in Q1 of this year with a further 69 million mobile phones also sold.

However, it added that despite this, Q2 will not prove much better than Q1 and could in fact provide worse results as the company tries to turn things around. 

How are they going to do this? Well it seems Nokia is pinning its hopes on the Lumia series, saying it will push the Windows Phones to a bigger audience.

Nokia was keen to talk up Windows Phone as a whole, quoting the number of apps now available on the platform as being 80,000.

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Judging by the huge event Nokia threw in New York’s Times Square for the launch of the Lumia 900 this indeed would seem to be its “get out of jail” strategy.

What do you make of Nokia's current situation? Let us know your thoughts.

Writing by Danny Brogan.