Verizon becomes sole home to Nokia Lumia 822

Nokia and Verizon have teamed up on an upcoming product launch.

The companies announced today that Verizon will carry the Nokia Lumia 822. The Windows Phone 8-based handset comes with a 4.3-inch display and the Snapdragon S4 processor. According to Nokia, users will have 11.7 hours of talk time and 62.1 hours of music playback time.

The Lumia 822 will work on Verizon's 4G LTE network and come with Nokia's Drive+ for turn-by-turn navigation. The handset will sell for $99 with a two-year contract.

Neither Nokia nor Verizon said exactly when the handset might launch, but the companies did say that it would be part of the carrier's "fall portfolio."

There's a lot riding on Nokia's smartphones. The company has been watching its sales and product shipments fall considerably over the last couple of years, and just last week, research firm IDC revealed that for the first time ever, Nokia fell off its list of top-five smartphone makers during the third quarter. Samsung and Apple led the way with 31.3 percent and 15 percent market share, respectively. The fifth-place company, HTC, could only muster 4 percent share.

Updated at 12:15 p.m. PT with pricing information.