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In order to gain market traction, Finnish handset manufacturer Nokia Corporation (NOK - Analyst Report) continues to expand its Lumia flagship phones by launching a new Lumia 925 smartphone.

The Lumia 925 is a Windows 8-based smartphone with an 8.7 MP camera and Carl Zeiss lens capable of shooting in low-light. It also features popular social network apps (Facebook, Twitter, Foursquare, Tumblr, Flickr and Instagram). It is much slimmer and lighter than its earlier Lumia flagship phones.

Lumia 925 is priced at $610 and will be shipped during June across China and Europe and will later hit U.S. stores on T-Mobile US, Inc.’s (TMUS - Snapshot Report) network.

In the last couple of years, Nokia has fallen behind in the smartphone race, which has been mainly dominated by Apple Inc.’s (AAPL - Analyst Report) iPhone and Samsung’s Galaxy range, which runs on Google Inc.’s (GOOG) Android platform. According to the report presented by research firm IDC, both Apple’s iOS and Google’s Android operating system hold more than 80% of the world’s market share on operating platform in fiscal 2012.

However, in the last couple of quarters, Nokia has performed impressively based on a good show from its Lumia series. At the end of the first quarter, the company sold 5.6 million handsets recording sequential growth of 27.35%.

Despite such an impressive show, Nokia has to go a long way to regain its lost glory since both Samsung and Apple sold more than 300 million smartphones last year as compared to Nokia’s 35 million smartphones.

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

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