Can Windows 8 phones revive Nokia's fortunes?

Microsoft CEO Steve Ballmer, left, and Nokia President and CEO Stephen Elop unveil the Nokia Lumia 920 and Nokia Lumia 820, Nokia's first devices for Windows Phone 8, at a press event in New York, on Wednesday, September 5, 2012.

Nokia Lumia 920 has a unibody design and packs in the PureView camera.  Running on Snapdragon S4 processor, the Lumia 920 has a 4.5-inch display called Nokia PureMotion HD+ and supports wireless charging.

The Carl Zeiss optics used in Nokia Lumia 920 uses advanced floating lens technology that helps in stabilizing motion blur while shooting. Here, Nokia's CEO Stephen Elop debuts its flagship Windows Phone 8 smartphone, in New York, on September 5, 2012.

Nokia on September 5, 2012, also unveiled a mid-range smartphone, Lumia, 820, which runs on Windows 8. Lumia 820 is powered by 1.5GHz dual core Snapdragon S4 processor, and it will have 1 GB RAM.

Kevin Shields, Nokia's senior vice president, walks through the features of the Nokia Lumia 920, which include imaging apps that allow consumers to take professional quality photos and video, at an event in New York, on September 5, 2012.

Jo Harlow, Executive Vice President, Smart Devices, Nokia, unveils the Nokia Lumia 920, Nokia's flagship Windows Phone 8 smartphone, at a press event in New York, on September 5, 2012.