Nokia and Microsoft have teamed up to take on Google and Apple in the fast-growing smartphone market use Windows Phone as the software platform for its smartphones as part of new chief executive Stephen Elop's overhaul of the world's biggest cellphone maker.

Nokia has rapidly lost share in the higher-margin smartphone market to the likes of Apple's iPhone, and products based on Google's Android platform claimed the top spot from the company last quarter.

In a bid to stem the losses, chairman Jorma Ollila brought in Elop from Microsoft last September. The 47-year-old is the first non-Finn to head the company.

(Reporting by Tarmo Virki; Writing by Alexander Smith; Editing by Dan Lalor)

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