Nokia's (NYSE:NOK) Lumia 920 was announced months ago, and there are Nokia fans who had been waiting on this phone since the last summer. Some said that this phone would help break the dominance of Apple's (NASDAQ:AAPL) iPhone and Google's (NASDAQ:GOOG) Android in the smart phone market, while others said that the phone would not be good enough to save Nokia from going bankrupt. There was a lot of speculation about the phone itself and the way Nokia marketed it. Now it's time to find out the early reactions to the phone and maybe have an idea about how well the phone is selling.
Before the phone was even released in the USA, we found out that its pre-orders were sold out in Italy and that it was facing a demand comparable to the demand of the iPhone in France. This was all encouraging but some concerns continued to exist, as it was always known that Nokia had a much larger fan base in Europe than in the USA.
The latest reports confirm that Lumia 920 is facing a strong demand in most markets it was already released in. While there are no official numbers on how many Lumias were sold in their first week in the USA, there are some stories regarding the issue. Over the weekend, many Americans have complained that their local AT&T (NYSE:T) store was reportedly out of Lumia 920s. Reportedly, some stores had as few as 20 Lumia 920s to begin with. This could also be a marketing gimmick played by Nokia and AT&T. By having a small number of Lumia 920s in each store, the companies might have wanted to create an illusion of selling out, just to increase the demand. On the other hand, this strategy can always backfire when customers decide on buying phones of another brand because they don't want to wait for more Lumias to arrive. So far, we haven't heard of any supply issues regarding Lumia 920s in the factory level.
One online retailer has claimed that Nokia 920 was the hottest selling Windows Phone ever. While this doesn't tell us much because Windows Phone never had any significant market share compared to Android and iOS operated phones, it is still something. At least it tells us that Lumia 920 is selling much better than Lumia 900 ever did. When Lumia 920 first came out, many people feared that it could be just another Lumia 900, but consumers don't seem to be seeing it the same way. The online retailer in the story did not reveal its name, so we don't know how big of a retailer it is.
Another online retailer, the British branch of Expansys, reports that it ran out of Lumia 920 stock within the first day of having the phone for sale. The sale price of the phone was £555 which translates into $880, which is higher than how much an iPhone 5 costs in the USA. When the phone's UK price was announced, many thought it was too expensive and that it wouldn't find much demand. Telstra in Australia joins the ranks of the companies that are out of Lumia 920 stock. Not only the company is out of stock, it is also out of pre-order spots. The company says that it will start taking orders again in 2 weeks.
This is the first high-end Nokia smart phone that the Middle East has received in a long time. Lumia 900 was never released in the Middle East because it didn't support any of the Middle Eastern languages. Reportedly, Lumia 920 is selling very well in this region as well. In the United Arab Emirates, the phone was sold out in a matter of hours. The phone is also seeing very strong demand in other countries in the region such as Turkey where it sells for $915 apiece.
It looks like Lumia 920s are selling pretty well. It looks like the phone is making a lot of noise in the media even though the company didn't put much effort to market the phone. Earlier the company was heavily criticized for weak marketing efforts on this phone, which the company's very survival depends on. I can't wait to see the Lumia 920 sales figures in the next earnings report of the company.
Disclosure: I am long NOK, T. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.