Nokia has unveiled its latest Windows-powered smartphone in what may be the mobile giant's last attempt at reclaiming a market lost to Apple, Samsung and Google.

The Finnish company unveiled the new Lumia in an event in New York today but analysts were initially unimpressed, with shares in Nokia plummeting by 15 per cent.

Features of the new Nokia smartphone:

  • The Lumia 920 and smaller Lumia 820 run on the latest Windows Phone operating software, which Microsoft hope will rival Apple's iOS and Google's Android.

  • The screen is 4.5 inches.

  • It has "Pureview" camera technology to reduce blurring from hand motion.

  • The Lumia 920 has an 8.7 megapixel camera.

  • The Lumia 920 comes with augmented reality technology that lets users see details of their surroundings through the camera.

  • The device is available in yellow or red.

  • The phone comes with wireless charging capability.

Ben Wood, head of research at CCS Insight, a technology consultancy specialising in mobile devices, 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. (The two companies) will have to spend eye-watering sums on marketing and offer the new phones at aggressively low prices.

Nokia's Lumia announcement comes at a time when the mobile phone market is increasingly crowded.

The phone comes with location apps like City Lens. Credit: Nokia

Google's Motorola Mobility will show off its latest smartphone later today, Amazon will announce new Kindle Fire tablets tomorrow and Apple is expected to unveil the latest version of the iPhone on September 12.

Chris Choi reports:

Samsung said it will sell its own Windows phone as early as next month.

In the past 18 months, Nokia has logged around £2.4 billion in operating losses, forcing the company to cut 10,000 jobs and pursue asset sales.

The Finnish company's share of the smartphone market has plunged to less than 10 per cent from 50 per cent during its heyday before the iPhone was launched in 2007.

Share of the global smartphone market:

  • Android - 68%

  • Apple - 17%

  • Windows - 3.7%

Figures from Strategy Analytics.