Shares of Nokia Corporation (ADR) (NYSE:NOK) plunged more than 3% in pre-market on Friday as the Finnish firm declared that it has reached a contract with Chinese ecommerce site 360buy.com to sell $320M value of phones next year in a proposal to re-assert itself in the country, according to The Next Web reports.
Through this agreement, 360Buy is currently an officially licensed Nokia vendor and it has by now stated pre-sales for the Lumia 920 and 920T. At the price of $738, the device lands at the high-end of the market, while its price is still lower than the iPhone 5, which sales at $849.
360Buy.com is also has partnership with Qihoo 360 Technology Co Ltd (NYSE:QIHU) and Nokia for the launch of the Nokia 2050.
According to facts, Nokia benefited in China for long time, but now sales in the country dropped due to Android and to a lesser amount to the iPhone.
In the Q3 of 2010, the firm sold 20.2M handsets in the Greater China region. During the similar quarter in 2011, sales plunged 21% to 15.9M. In Q3 2012, Nokia directed just 5.8M mobile device sales in Greater China, a precipitous decreased of 64% year-over-year.
Apple currently declared that it had sold over 2M iPhones in mainland China in two days with previous week’s release of the iPhone 5. Whereas Nokia declares that it sold 2.9M Lumia devices worldwide previous quarter.
Stock Price Performance: Between November 21, 2012 and December 20, 2012, the stock price surged $1.23 (41.69%), from $ 3.31 to $4.18. While, Nokia Corporation (ADR) (NYSE:NOK) slightly down 0.71% to the closed at $4.18.NOK ahead its 52 week low with 38.13% and lagging behind from its 52 week high price with -1.19%.
Volume: In the last trading session, the volume was 50.46 million shares. The share capital in market exchange ofNOK has 4.82 billion outstanding shares among them 3.17 billion shares was floated.