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Nokia reportedly planning 5-inch Lumia 'phablet'

Company will launch its own "phablet" designed to compete with such devices as Samsung's Galaxy Note, a source tells the Financial Times.

Nokia may add a larger "phablet" edition to its Lumia lineup.
Nokia may add a larger "phablet" edition to its Lumia lineup.
Sarah Tew/CNET

Nokia may jump into the "phablet" market this year.

A source with "knowledge of the company's plans" told the Financial Times that the company has several new devices up its sleeve for this year. The "most innovative" will be a phablet, or a hybrid phone/tablet, similar to the Samsung Galaxy Note, the newspaper reported.

Nokia also is looking to unveil several high-end smartphones this year as its Lumia lineup continues to struggle for more market share.

One such device will be the first Lumia phone with Nokia's Pureview technology. Sporting a 40 megapixel camera and a flash, that phone is scheduled for a July launch. Also on tap is a lighter, more advanced edition of the Lumia 920 and a lower-cost version slated for the fall.

Nokia certainly needs a boost to better combat the competition.

The company said today that it shipped 5.6 million Lumia phones during the first quarter. The was a healthy 25 percent gain from the 4.4 million shipped during the fourth quarter, but it pales in comparison to the estimated shipments of its smartphone rivals.

Apple is forecast to have shipped nearly 37 million iPhones last quarter, according to Reuters, while Samsung tore up the market with more than 61 million smartphone shipments projected.

Nokia expects Lumia smartphone shipments to rise by 27 percent in the current quarter. But even with more Lumia smartphones and a "phablet" device, the company will be hard-pressed to eke out more ground this year in a market dominated by Apple and Samsung.