Investors in the former rubber boot maker Nokia are starting to get worried that the company will never turn the corner.
While the outfit has enough money in the bank to survive a couple of years with the sorts of results it is turning in, some are losing faith that it can break the vicious circle that keeps customers and, in turn, application developers from its new phones.
Nokia warned on Wednesday that it would make losses in the first two quarters of this year, after demand for Symbian phones collapsed before Windows Phone models can compensate.
Now it seems that share prices on the stock are falling as the new Windows Phone models sold fewer than expected.
But analysts have warned that it is far too early to write Nokia off.
Analyst Peter Cunningham at Canalys told Reuters that the company is still in the middle of its move to Windows Phone.
But he said that the next six months will be critical in the company's long-term future.
He said that the Lumia 610 needs to be a success.
Nokia sold just over two million Lumia phones so far and analysts think it needs to sell 27 million this year, 55 million next year, and 94 million in 2014.
The fear is that as Nokia's share price falls, it might run out of time before it runs out of cash.