“Nokia’s shares slumped Wednesday as the company’s new line of Lumia smartphones didn’t impress Wall Street,” Benjamin Pimentel blogs for MarketWatch. “The rollout also didn’t do much for Microsoft, the Finnish company’s partner whose shares were trading mostly flat.”
“Microsoft is clearly banking on the Lumia becoming a hot seller and giving the software company a much-needed lift in the mobile market,” Pimentel writes. “Lumia was billed as the flagship for Windows Phone 8, the Redmond, Washington’s company’s latest attempt to have a significant presence in the mobile arena where it’s been taking a beating from such players as Apple Inc.”
Pimentel writes, “‘Microsoft still needs to jump start their mobile business,’ UBS analyst Brent Thill told MarketWatch. ‘I’m not sure Nokia is their battery.'”
Read more in the full article here.
MacDailyNews Note: After the event, shares of Microsoft’s beleaguered Nokia plummeted 16.43%, or -46.4 cents, to $2.365.
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