Nokia cuts smartphone prices in an attempt to halt declining sales

As it makes the transition to being a Windows Phone OEM, Nokia is cutting prices of its smartphones in order to buoy sales, according to industry sources speaking to Reuters.

As it makes the transition to being a Windows Phone OEM, Nokia is cutting prices of its smartphones in order to buoy sales, according to industry sources speaking to Reuters.

According to the sources, Nokia is cutting the price of the flagship N8 model, the multimedia C7 and the business handset E6 by 15%. Other handsets see a smaller cut.

"There are no very big cuts per model, but the scale -- across the portfolio -- has not been seen for a very, very long time."

Nokia has no comment on specific price cuts, but did say that price changes were part of normal business.

It's not all bad news for Nokia - Rumor has it that the company is getting $11.50 from Apple for each iPhone sold thanks to a lucrative patent deal.

There's never been a better time to pick up a Nokia smartphone.