Nokia’s new Lumia smartphones drew a quick thumbs-down from investors looking for transformational handsets to rescue the struggling Finnish company, sending the firm’s shares tumbling 13 per cent.
Nokia and 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, Samsung Electronics Co and Google.
Microsoft and Nokia hope the device - sporting bright colors from red to yellow, 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 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 per cent at 1.99 euros, their biggest single-day loss since June. But the stock had gained 67 per cent since mid-July as anticipation built ahead of Lumia’s unveiling.
Its US-listed stock closed down 16 per cent at $2.38.
Many of the industry analysts who saw the phone up close in New York deemed it a solid device with a few differentiating features. But it did not push the envelope as Nokia CEO Stephen Elop had promised.
