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Telecom & Wireless

Nokia Cuts Price of Flagship Phone in Half

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By Douglas A. McIntyre Updated Published
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Nokia
Nokia (NYSE: NOK) has cut the price of its flagship Lumia 900 in half to $49.99. The smartphone is available, among other places at AT&T’s (NYSE: T) as a “web only” special.

The price change appears to be another defeat for Nokia, the flagging handset maker which was the number one manufacturer in the world for years. Samsung took that distinction late last year. Nokia has had tremendous trouble as it tries to break into the upper level of the industry — smartphones. This market, one dominated by the Research In Motion (NASDAQ: RIMM) BlackBerry, is ruled by Apple (NASDAQ: AAPL) and smartphones that run the Google (NASDAQ: GOOG) Android OS.

Nokia has gambled most of its future in the smartphone business on a partnership with Microsoft (NASDAQ: MSFT), which has used the Finnish manufacturer as a distribution platform for its unpopular Windows mobile OS. By extension, the price cut is a defeat for Microsoft as well.

Ironically, the decision comes just as Samsung launches its Galaxy S III, which many analysts believe is the only Android-powered phone that can compete directly with the iPhone.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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