Shares of Nokia Corporation (ADR)(NYSE:NOK) slumped about 16% to $2.38, its new one month low on heavy volume. The stock is off 28% from its recent high of $3.40.
Nokia Corporation (ADR)(NYSE:NOK) has revealed its first line of smartphones that will run the latest version of Windows, a big milestone for a company that is thinking of entering in an alliance with Microsoft.
Nokia new flagship phone is the all-new Lumia 920 that runs on Windows Phone 8. The lenses that are used on its camera shift can compensate the errors that can result from shaky hands that results in sharper images in low light and smooth video quality. Nokia said that the smartphone can be charged without being plugged in to a power slot. The user can just place the phone on a wireless charging pod.
Nokia also took down the curtains from a cheaper, mid-range phone, the Nokia Lumia 820. It does not come with the special camera lenses but it come with exchangeable backs with different colors.
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The Finnish company has released new phones in New York. Nokia has been absent from the from the trendsetting smartphone market in America. Stephen Elop, one of the CEOs, has set the goals to recapture the attention of shoppers in the US, many of whom prefers Android or iPhone devices.
Nokia has launched its first windows phone in the late last year under Lumia, as the first product after Elop entered into an alliance with Microsoft. Those phones run the Windows 7 OS that is effectively being orphaned in the latest version. The older phones cannot be updated with Windows 8.
Nokia has sold 4 million Lumia phones in its second quarter, whereas Apple sold 26 million iPhones. The line has not helped Nokia so far. In fact, the global market share of Nokia has decreased from 40% in 2008 to 29% in 2011. This figure is predicted to shrink more in the coming days.
The cost and the availability of the new phone have not yet been declared.