All is not well with the communication Giant Nokia. Its second quarter profit has been dropping and was 40%. The company is pulling out all the plugs to stand firm in an increasingly fierce and competitive world of smart phones. There are talks that the top executive of the company may be in the process of losing his job. The Finland based company said that its profits have nosedived from $490 million to $290 million this month. Sales showed a trifle better performance and rose from $7.7 billion to $7.8 billion. The sales in the April to June were 111.1 million devices and saw a growth of 8 percent. Nokia has maintained its giant share in the global mobile market but the pressure in the Smartphone segment is intense with new players like Apple, BlackBerry maker Research in Motion and Android developer Google chipping away in its share of market.