Nokia Corp (NYSE:NOK) has cut its smartphone prices in Europe in an effort to slow its market share losses, two sources within the industry said in a report by Reuters today.One of the sources said the steepest cuts, at around 15%, were made on the company’s flagship N8 model, the multimedia C7 phone, and the business sector targeted E6.The Finnish company is expected to report losses for the second and third quarters of this year as they have been rapidly losing market-share in the smartphone category, primarily to Google's (NYSE:GOOG) android phones, which have vaulted into the lead among smartphones, market share-wise, but also to Apple's (NASDAQ:AAPL) iPhone and Microsoft's (NASDAQ:MSFT) Windows Mobile.Nokia's share of the smartphone market fell to 25.5% in the first quarter of 2011, down dramatically from 39% in the first quarter of 2010.Shares of Nokia are trading down 1.87% at $6.3.