Nokia has once again delayed the release of it N8 model, due to final tweaks in its technical aspects.  Originally, Nokia was poised to deliver this flagship smartphone in June, but it got rescheduled to September.  With news of a delay and stiff competition, Nokia’s shares ended 14.7% lower at 9.47 Euros.

According to Olli-Pekka Kallasvuo, Nokia’s chief executive, “Competition remains intense, but demand in the overall mobile device market appears to be bottoming out.” Nokia is looking forward to releasing the N8 smartphone so as to rival Apple and Samsung release of their flagship products. However since Apple’s release of the iPhone Nokia has not been able to hold on to a staggering market share. This has mainly been attributed to lack of innovative products in comparison to its competitors.

Nokia N8 was first demoed at the Nokia World Event, with pre orders passing previous estimates of Nokia models. N8 is being seen as the crucial market accelerator for Nokia in order for it to get back a greater market share. Another strategy for Nokia has been to introduce an online apps store called Ovi.