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Microsoft, Nokia unveil Lumia 920

Microsoft and Nokia unveiled the Lumia 920, in their latest bid to capture a share of the smart phone market.

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The new Nokia Lumia 920 Windows smartphone is displayed during a joint event with Microsoft on September 5, 2012 in New York City. The new Nokia phones are the first smartphones built for Windows 8. (Spencer Platt/AFP/Getty Images)

Microsoft and Nokia unveiled the Lumia 920 on Wednesday, in an attempt to capture a share of the smart phone market, which has remained elusive for the Finnish mobile maker.

The Lumia 920 uses a Windows operating system, according to The New York Times. The latest model includes Nokia's PureView camera technology and wireless battery-charging capability. The Lumia 820 was also introduced as a mid-priced alternative with exchangeable covers.

"This is the most innovative smartphone in the world," said Jo Harlow, Nokia's executive vice president.

Nokia, the once dominant cell phone maker, has lost most of its market share to Apple and Samsung in recent years, Reuters noted. The company has racked up $3.8 billion in operating losses in the past 18 months, forcing it to cut 10,000 jobs.

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USA Today noted that the Nokia partnership with Microsoft would mean most of Nokia's smart phones feature Windows Phone operating systems. Bing, also developed by Microsoft, is the search engine used by all Nokia phones.

The partnership has floundered against rivals like Google's Android and Apple's iOS, with Android owning 68 percent of all smart phones shipped in the second quarter, said USA Today, citing research firm IDC.

Analysts seemed less than impressed and Nokia's shares dropped 15 percent shortly after the unveiling, Reuters said.

"The Lumia 920 feels like more of an evolution of existing Lumia phones than the revolution we expected from the close collaboration between Nokia and Microsoft," Ben Wood, head of research at CCS Insight, told Reuters. He said the two companies would have to spend large sums on marketing and sell the phones at aggressively low prices.

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