Nokia announced the Lumia 920 Windows Phone 8 smartphone on Wednesday, marking the first mobile device for Windows Phone 8 when the operating system launches. While reaction among the media is generally positive, analysts are cautious over the device's prospects; Nokia's share price plummeted upon the announcement of the product.

According to a Reuters report, investors criticized Nokia for its lack of authority on price information and release dates. Immediate comparisons to Apple's Sept. 12 event, where the company is expected to unveil the iPhone 5 and probably its price and release date, were drawn. Microsoft also did not announce when Windows Phone 8 will launch, so consumers currently have no indicator of when the Lumia 920 may arrive. Sources speaking to ZDNet claimed that Windows Phone 8 will arrive Oct. 29, shortly after the launch of Windows Phone on 26, with devices arriving during the first couple of weeks in November.

"The challenge is the world is working on the 4th, 5th, and 6th editions of their devices, while Nokia is still trying to move from chapter 1. It still has quite a bit to catch up. People were looking for something that would dazzle. Most investors will view it as evolutionary, not revolutionary. Nokia has made some good progress, but investors were looking for quantum leaps. We didn't get that," RBC analyst Mark Sue said. The design of the Lumia 920 is very similar to the Lumia 800 and 900.

While Nokia sold four million Lumia devices last year, that number pales in comparison to the multi-millions Apple and Google sell. The announcement of the iPhone 5 next week will likely be met with queues outside Apple Stores, though Apple seems to be under slight pressure to not introduce incremental updates.

Windows Phone 8's release date remains to be announced.