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Nokia reportedly cuts smartphone prices

Hit by declining market share, the mobile carrier has cut the prices of its smartphones in Europe, according to industry analysts cited by Reuters.

Facing intense competition from the likes of Apple and Android, Nokia has cut the prices of its smartphones in Europe, according to Reuters, which cited information from industry analysts.

Nokia's E6
Nokia's E6 Nokia

One of the analysts pointed to Nokia's N8, C7, and E6 models as hit by the deepest cuts of around 15 percent, while price cuts on other phones were smaller, according to two analysts, Reuters said.

Nokia did not immediately return CNET's request for comment.

A company representative declined Reuters request to comment on specific price cuts but said the "changes were part of its normal business." Reuters noted that Nokia has in the past trimmed global prices across its product lineup each quarter but lately has instead cut prices model by model.

Nokia's new cuts may end up triggering a "price war" with other mobile phone companies, including Motorola, Sony Ericsson, and LG, noted Reuters, citing comments from Strategy Analytics analyst Neil Mawston.

Though still the smartphone leader across the world, Nokia has been shedding market share over the past couple of years. A May report from Gartner found that the company's first-quarter share had dropped to 25 percent from 30 percent a year earlier. All Things D cited that share as Nokia's lowest in 14 years.

A report from Nomura Securities sees Apple and Samsung soon overtaking Nokia as the dominant global smartphone players. In an especially vulnerable position now as it starts the transition to Windows Phone as its core mobile OS, the Finnish phone maker has also lately been rumored as a takeover candidate.