Elop on Tuesday reiterated the company's commitment to Windows Phone software.
"We make adjustments as we go. But it's very clear to us that in today's war of ecosystems, we've made a very clear decision to focus on Windows Phone with our Lumia product line," he said. "And it is with that that we will compete with competitors like Samsung and (Google's operating system) Android."
Juha Varis, senior portfolio manager at Danske Capital, which owns Nokia shares, said Elop may be making a mistake.
"He has closed doors," he said in a phone interview. "They don't have new ideas now. Their fate is all in Windows Phones."
Some analysts have also been critical, saying Lumia sales were not strong enough to ensure the company's survival.
Nokia sold 5.6 million units of Lumia handsets in the first quarter. That was up from 4.4 million in the previous quarter, but its market share was still only about 5 percent, with Apple and Samsung together controlling over half the market.
"He's managed to decrease costs but not to increase market share," said Magnus Rehle, senior partner in Greenwich Consulting, which advises telecoms companies.
"Maybe they could go back to Google and say we also want to go with Android. Even if it hurts. Microsoft, they've had their chances, and are not managing to take off," he said.
