Nokia said it would delay again its flagship smartphone N8 model, hitting its shares on the day new chief executive Stephen Elop started at the helm of the world's top cellphone maker. The N8 is seen by analysts as Nokia's first top-range model to challenge Apple's iPhone more than three years after its launch. Its success is seen as being crucial for Nokia's profit margins. “A single device does not normally have a significant impact on Nokia's … development. But with the N8 the firm has much more at stake,” analysts at FIM Bank says in a note. “The new delay is once again a blow to Nokia's already tarnished image and it could also endanger the firm's Q3 earnings target,” it said.

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