In the cutthroat world of the smartphone market, tech giant Nokia (NYSE:NOK) is struggling. In an effort to reduce some of its current pain, the company will reduce prices on its older smartphones that use software from Microsoft (NASDAQ:MSFT), according to Rueters.
NOK shares took a tumble Wednesday amid the unveiling of the company’s two newest smartphones — Lumia 920 and Lumia 820 — that run on Windows Phone 8.
Though it seems many investors were unhappy with Nokia’s announcement, some analyst, like Charles Golvin with Forrester Research, optimistically believe that the company has a shot if the new products are priced and marketed correctly.
“The most pressing question is whether Nokia can get its magic back, whether it can be a viable third leg in the smartphone world, and it remains to be seen,” Golvin told The New York Times.
Nokia holds high hopes for its new creations.
“This is the most innovative smartphone in the world,” Jo Harlow, Nokia’s executive vice president, said Wednesday when introducing the Lumia 920.