Nokia cuts prices of older Windows phones

The new Nokia Lumia 920 (left) and 820 Windows smartphones are displayed during a joint event with Microsoft in New York City. Loss-making Nokia has slashed prices of its older smartphone models using Microsoft Windows software, industry sources said yesterday, a day after investors gave its latest Lumia phones a rapid thumbs-down. Two industry source told Reuters that the Finnish group, which is struggling to recoup ground lost to its rivals, cut the price of its mid-range Lumia 800 Windows Phone by around 15% this week and made smaller reductions on other Windows models. Nokia shares continued falling yesterday after slumping 13% on Wednesday as the firm unveiled two new Windows Phone models in what may be the last major shot at reclaiming market share lost to Apple, Samsung Electronics and Google. The company did not officially confirm the price cuts but said such steps were a normal part of its business. The lower prices will hurt Nokia’s bottom line, particularly in September and October as analysts expect the new models to begin contributing to results only the following month. Analysts said the new models would probably reach the market by November at the earliest, with the high-end 920 model likely to sell for a price similar to the next Apple’s iPhone. From gulf times.