Troubled phone outfit Nokia is set to report a second consecutive quarterly loss tomorrow, with smartphone shipments falling to the lowest since 2009.

Analysts think that Nokia's third-quarter net loss may have reached 241 million euros after a 368 million-euro loss in the second quarter. Nokia is hoping that its deal with Microsoft will pull it out of trouble next year.

The company's stock has slumped 46 percent in the eight months since Chief Executive Officer Stephen Elop decided to phase out the company’s 10-year-old Symbian operating system and switch to Microsoft software. Elop wants to release a new Windows Phone 7 at the Nokia World event in London next week.

Nokia, based in Espoo, Finland, has lost more than half its smartphone market share since 2007. Still other analysts think in the long term Nokia will do well, which makes its shares a bit of a bargain.