Nokia Delays Shipment of Flagship E7 Smartphone
Nokia's (NOK) confirmation of the delay Tuesday sent its shares down as much as 1.6% at one point in morning trading to $9.80 a share, though they have since recovered.
The world's largest mobile-phone maker had expected to ship its new handset this month but decided to hold off to "allow the best possible user experience," says a company spokeswoman without explaining what the exact problem that was creating the delay.
Nokia was slow to respond to the iPhone threat, waiting three years to come out with a high-end touch-screen device. The company earlier this year swapped out its long-time CEO for one with a software background, hiring former Microsoft executive Stephen Elop to lead the way.
Elop apparently learned it may be better to wait till a phone is ready for prime time before shipping, following complaints that some of the N8 phones failed to turn on after recharging.