Nokia Unveils Cheaper Smartphone2012-02-27T19:00:00Z
Chief executive Stephen Elop told reporters at the Mobile World Congress in Barcelona that the new phones - a low-price euro189 ($254) smartphone that runs on Windows software and a handset with a high-resolution 41 megapixel camera - demonstrates "the actions necessary to improve the fortunes of Nokia."
Analysts said the new smartphone could attract users because of its low price but investors sent Nokia shares down more than 5 percent to euro4.
Nokia launched its new Windows Phone 7 in October, eight months after Elop announced a partnership with Microsoft Corp., in a major strategy shift for the firm. Nokia said it would gradually replace the old Symbian platform used in its smartphones with the Windows operating system.
Nokia became the leading handset maker in 1998 and reached 40 per cent market share in 2008, but the company has gradually lost share since then - falling to below 30 per cent last year.