Nokia to release cheaper smartphone

Nokia to release cheaper smartphone

Aiming to boost market share, the Finnish mobile phone maker unveiled a low cost smart phone using Microsoft Windows software.

Chief executive Stephen Elop told reporters at the Mobile World Congress in Barcelona that the new phone — a low-price euro189 ($254) smartphone that runs on Windows software  — demonstrates "the actions necessary to improve the fortunes of Nokia."

"With great products for consumers, I think the rest will fall into place," Elop said.

But shares of Nokia Corp. closed down more than 6 percent at euro4.06 ($5.44) on the Helsinki Stock Exchange after the announcements, wiping out gains made Friday when investors had hoped the Finnish company would map out bolder plans.

Read more at Yahoo! News.