The other big disappointment this week was Nokia's earnings announcement Thursday, when it reported a 19 percent year over year decline in revenue, to ¬7.54 billion (US$9.5 billion). Its net loss worsened, to ¬1.53 billion from ¬492 million a year earlier.

Though the smartphone market is booming for Apple and Android-based devices, Nokia is playing catchup in the market for higher-end devices. The company is pinning its hopes on convincing developers and operators to create a "third ecosystem" in the smartphone market, making room for Windows Phone devices. But Nokia forecast that the operating loss in its phone business will continue at the same level through the third quarter, possibly worsening.

Some analysts still insist that Nokia is making good choices, however.

"The release of Windows 8 across multiple platforms, including the new Surface tablet, will provide the consumer with more exposure to OSs unique features and benefits, and will give the boost in sales that Nokia needs," said Informa Telecoms & Media analyst Julian Jest in an email report.

Otherwise, there were bright spots amid the week's gloom. IBM Tuesday for the second quarter but remained positive for the rest of the year. Revenue for the second quarter was down 3 percent year over year to $25.8 billion. But net income was $3.9 billion, up from $3.7 billion in the second quarter of 2011.