Nokia (NOK - Get Report) may have a long way to go before it convinces investors it's fully back in the smartphone turf, as the market snubbed the Finnish communications company's unveiling of its first smartphone in three years.
Shares in the Espoo-based company dropped 1.8% Monday morning before climbing back again to trade up 0.2% at €4.59 at 10.30 a.m. GMT. The stock was the biggest loser among the CAC constituents trading in Paris. Nokia has lost about a third of its market value in the last 12 months.
The new Nokia 6 (see video below) will become available in "early 2017" in China, according to a Sunday announcement by HMD Global, which develops mobile devices under the Nokia name. HMD also said more Nokia brand smartphones will be launched in the first half of this year.
The new smartphone is equipped with a 5.5-inch screen with full high-definition resolution as well as the latest Qualcomm Snapdragon 430 processor and X6 LTE modem aimed a long battery life and advances graphics, according to HMD. The Android-run device also has a 4GB RAM and 64GB storage, dual amplifiers and 16MP phase detection auto-focus rear camera and an 8MP front camera. It was given a price tag of 1,699 yuan ($245), making it a mid-range device.
A video posted by Nokia /2017 (@nokia_newphones) on
HMD, also based in Espoo, was formed in May 2016, when it acquired the feature phone business from Microsoft (MSFT - Get Report) . As the sole licensee of the Nokia brand for Android-run mobile phones and tablets, the company is made up mostly of ex-Nokia employees.
A subsidiary of major Apple contract manufacturer Foxconn, also known as Hon Hai Precision Industry (HNHPF) , jointly manufactures and distributes with HMD. Foxconn's FIH Mobile had also bought some Microsoft assets.