Market Reacts To Nokia’s New Lumia Series, Shares Tumble

We're not sure exactly what investors were hoping Nokia would unveil yesterday, but apparently, the Lumia 920 and 820 weren't it. Following the much anticipated unveiling of two new Windows Phone 8 devices, Nokia shares took a bit of a mini-nosedive, sliding 16 percent to $2.38 at the end of the trading day on Thursday. That's the lowest it's been all year.

According to reports, Nokia's new devices didn't pack sufficient punch, and it also didn't help that the Finnish smartphone maker withheld specific release dates, pricing, and carrier information.

Nokia Lumia

"People were looking for something that would dazzle. Most investors will view it as evolutionary, not revolutionary. Nokia has made some good progress, but investors were looking for quantum leaps. We didn't get that," RBC analyst Mark Sue told Reuters.

What did Nokia did deliver, however, are solid new devices wrapped in bright colors. The Lumia 920 boasts a generous 4.5-inch IPS display, 1.4GHz dual-core Snapdragon S4 processor, 1GB of RAM, 8.7MP rear-facing camera with built-in image stabilization, 802.11n Wi-Fi, 7GB of free cloud storage via SkyDrive, and a few more features. Overall, Nokia's new phones look great and are very well spec'd, but evidently investors were expecting more.