NEW YORK/HELSINKIA, (Reuters) – Nokia shares plummeted 13 percent after its new Lumia smartphones failed to impress investors looking for transformational handsets to rescue the struggling Finnish company.
Nokia and its partner Microsoft Corp showcased the Lumia 920 phone on Wednesday in what may be their last major shot at reclaiming market share lost to Apple Inc, Samsung Electronics Co Ltd and Google Inc.
Microsoft and Nokia hope the device – sporting bright colors, a bigger screen and technology that reduces blur and shakiness in pictures and video – will become a potent weapon in an escalating global war to dominate the mobile industry. But investors said it lacked “wow” and gave it a quick thumbs-down. Some analysts said Nokia’s reticence about dates, prices or carrier partners also did not help.
Nokia shares traded in Helsinki began sliding midway through the New York launch and ended down 13 percent at 1.99 euros, their biggest single-day loss since June. Nokia’s U.S.-listed stock closed down nearly 16 percent at $2.38. The stock had gained 67 percent since mid-July as anticipation built ahead of the Lumia’s unveiling.
