Sales Estimates for Nokia Lumia 800 Smartphone Cut in Half

Analysts are coming down hard on Nokia by cutting first quarter sales estimates for its first ever Windows Phone 7 device by half.

According to an article on Channel Register, analysts believe Nokia will only be able to sell 500,000 units of the Lumia 800 device in the first quarter instead of the 1 million devices they had earlier predicted.

The device has garnered a lot of positive reviews from notable bloggers and review websites, but analysts seem to be almost sure the device is going to fail.

"With no breakthrough innovation, we believe Nokia's new phones are unlikely to get traction in a highly concentrated high-end," said Bernstein Research's Pierre Ferragu, in a research note.

Meanwhile, in an attempt to silence skeptics, the company revealed the Lumia 800 had seen the largest week sale for any device in Nokia's long history.

But, as the Channel Register points out, Nokia would need a lot more to get back in the smartphone market than a week's sale. While Nokia was busy developing the device and forging road maps, its share in the smartphone market plunged by 82 percent in the third quarter.