Struggling Nokia to Slash Prices on Older Phones

by Angela Nazworth | September 6, 2012 9:33 am

In the cutthroat world of the smartphone market, tech giant Nokia (NYSE:NOK[1]) 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[2]), according to Rueters[3].

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 [4]The New York Times[5].

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.

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  3. according to Rueters:
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  5. The New York Times:

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