New Nokia Smartphone Too Late In The Smartphones War

Nokia's Windows model of smartphone, the Lumia 800 has only been able to achieve 2% of market share in Europe despite the fact that it received positive reviews from smartphone critics.

The only possible problem could have been the software glitch affecting battery life. Leading the war is Google Android software having 50% market share. Apple's share is at 15-20%.

"There isn't much room left for a third ecosystem. The smartphone market is consolidating fast," said Bernstein analyst Pierre Ferragu who rates Nokia a "sell."

Nokia's shares have fallen over 20 percent since the October 26 launch of the new phone, with investors fearing Nokia would be unable to claw back the market share it has lost in the past several years to rivals like Apple.

Phones using Nokia's old Symbian software, which it decided to dump in favor of Microsoft, are still in circulation and outsell Windows phones 10 to 1.