Nokia is revealing its Lumia 920 smartphone that runs the next version of Windows, hoping that the alliance with Microsoft can pull the company out of a deep sales swoon.

Nokia's new flagship phone is the Lumia 920. Besides running on Microsoft's Windows Phone 8 mobile operating system, basic features include a 8.7- megapixel "PureView" camera. Nokia says its lenses shift to compensate for shaky hands, resulting in sharper images in low light and smoother video capture.

The Lumia 920 has a 4.5-inch screen PureMotion HD+ display, it is powered by a dual-core 1.5GHz Snapdragon S4 CPU, has a 2,000mAh battery, NFC and integrated wireless charging based on the Qi standard. Nokia claims that the phone's WXGA (1,280 x 768) screen is 25 percent brighter than the next best panel on the market.



Nokia also updated its mapping technology to feature "City Lens" - an augmented reality app that overlays information about nearby restaurants and other points of interest over live footage of the surrounding area captured by the device's camera.

Nokia also unveiled a cheaper phone, the Lumia 820. It doesn't have the special camera lenses, but it sports exchangeable backs so you can switch colors.

The Lumia 820 has a 4.3" display, a 8MP Carl Zeiss camera alongside a dual-core Snapdragon processor and 8GB of storage, and the display uses the same ClearBlack technology as the Lumia 900 and Lumia 800.

Nokia CEO Stephen Elop said the new phones will go on sale in the fourth quarter in "select markets."

The new Windows phones seem to disappoint investors, as Nokia's shares plummeted 13 percent. Investors said it lacked "wow" and gave it a quick thumbs-down.

The Finnish handset maker has logged more than 3 billion euros ($3.8 billion) in operating losses in the past 18 months, forcing it to cut 10,000 jobs and pursue asset sales.

Google's Motorola Mobility also intends to show off its latest smartphone on Wednesday, Amazon.com will unwrap new Kindle Fire tablets the day after, and Apple is expected to unveil the latest version of its seminal iPhone on September 12. Samsung Electronics says it will sell its own Windows phone as early as next month.