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Finnish handset manufacturer, Nokia Corporation (NOK - Analyst Report) has unveiled Lumia 525 – an advanced version of its flagship product Lumia 520. The new device is expected to cost the same as its successor Lumia 520 and will initially be launched in the Asia Pacific, Africa and the Middle East.

Like Lumia 520, the new device features Qualcomm Inc.’s (QCOM - Analyst Report) 1 GHz dual-core S4 processor, 8 GB memory space and a 5 MP camera without flash. Unlike, Lumia 520, the Lumia 525 supports 1 GB RAM and also provides 4-inch WVGA display.

Nokia is gearing up for the upcoming holiday season with the launch of its tablet and two 6 inch smartphones, Lumia 1320 and 1520. Moreover, the company has launched three Asha flagship phones, Asha 500, 502 and 503, costing $69, $89 and $99, respectively. The company recently updated its music service with an advanced music app called Nokia MixRadio. This new application is powered with a Play Me feature which allows constant streaming of ad free music.

In the third quarter of 2013, the company sold 8.8 million Lumia smartphones, up 40% from the prior-year quarter. Thus, it is highly anticipated that the launch of such high-end gadgets, feature phones and apps will help Nokia to counter competition against aces like Samsung and Apple Inc. (AAPL - Analyst Report) by means of generating strong sales during this holiday season.

Microsoft Corp. (MSFT - Analyst Report) has decided to acquire Nokia Corp.’s handset business for $7.2 billion (5.44 billion euros). Nokia’s shareholders have approved the deal. The deal is expected to close in the first quarter of 2014, subject to regulators’ approval.

Nokia currently carries a Zacks Rank #3 (Hold).

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