Nokia stock sinks as new Lumias disappointSeptember 5, 2012: 2:43 PM ET
Nokia's stock plunged after the introduction of the company's two new smartphones, which run on the latest Windows 8 operating system, failed to woo investors.
The unveiling of Nokia's Lumia 920 and Lumia 820 smartphones lacked "positive surprises, carrier announcements or specific launch dates," noted Jennifer Fritzsche, senior analyst at Wells Fargo, calling the company's event Wednesday a "disappointment."
Ahead of the announcement, Fritzsche was expecting that Nokia (NOK) would announce AT&T (T) as its exclusive launch partner for the Lumia 920 model, and Deutsche Telekom's T-Mobile (DT) and AT&T as partners for the 820 model. While Nokia said it expects to start selling its new phones later this year, it didn't provide any additional details or make any unexpected product announcements.
Nokia has take a big chance by partnering with Microsoft (MSFT) to run the Windows platform on its smartphones. Devices that run on Windows account for just 3.5% of the global smartphone market, according to research firm IDC, compared with Google's (GOOG) Android, which accounts for a whopping 68% share, and Apple's 17% share.
Plus, Nokia is just one company that is making phones that will operate with Windows 8. Samsung and HTC are also expected to launch new phones with the Microsoft's latest operating system.
Shares of the Finnish company slid more than 10% in afternoon trading.