“Ailing Nokia on Thursday surrendered its lead in the global smartphone market to rival Apple and shed more market share as it reported a steep net loss for the second quarter. Nokia’s outloook for its handset business to be profitable in the current quarter brought some relief to its battered share price but analysts doubted it would dispel fears about the future of the onetime cellphone leviathan. Nokia, still the world’s largest phone maker by volume, has failed to come up with an attractive smartphone offering to compete with Apple’s iPhone, Research In Motion’s BlackBerry and a wide array of handsets using Google’s Android software. Nokia said it sold 16.7 million smartphones in the quarter, falling behind Apple’s 20.3 million iPhones.” Hard to believe Windows Phone 7 – as great and fresh product I find it – can turn the tide for Nokia. Still, every phone maker today owes pretty much its entire business to Nokia (and Motorola).