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Nokia Unveils N79 and N85 Multimedia Smartphones

The latest Nokia high-end phones is an effort for the world’s top cell phone maker to compete against rivals Apple and Samsung.

Nokia shares rose 2 percent on Tuesday shortly after the announcement.

“Nokia sailed through first half of the year with little changes in its phone portfolio. Now the portfolio renewal has started and this should boost profitability,” said Pohjola analyst Hannu Rauhala.

Nokia controls 40 percent of the global cell phone market. It has a higher market share among the most expensive phones.

Newer multi-media phones are usually expensive with higher profit margins than older and cheaper phones.

The new phone models are N79 and N85. Both models go on sale in October and will include a 5 megapixel camera and pre-loaded games.

The N85 model will retail for $662. The N79 will go on sale for around $760.