Update: Nokia closed the day off just under 16% in the US market. In after hours trading, the company has regained under 1% of its value. The market’s response is plain: What Nokia announced was insufficient, and perhaps even disappointing.

It was billed as an event that would take the company’s rebuilding strategy to the next level but, right after Nokia completed its much anticipated press event in New York this morning (US time), the mobile firm’s share price tumbled more than 10 percent in both North America and its home market of Finland.

Despite launching two new flagship devices — the Lumia 920 and Lumia 820 — Nokia’s Nasdaq listing is down 11.31 percent (at time of writing) while its Nordic listing — Nokia Oyi — has dropped by 13.12 percent.

nokia us shares1 520x190 Nokia shares plunge 10% on both sides of the Atlantic following new device launches

nokia nordic 520x157 Nokia shares plunge 10% on both sides of the Atlantic following new device launches

While a loss in market value following new launches is not uncommon, a near-10 percent drop within hours of such a significant launch event is noteworthy. It will be interesting to see at what point the spiral ceases and the company becomes more attractive – perhaps as a result of its upcoming range of new Windows 8-powered devices.

Word of the Nokia Lumia 920 got out before today’s event and a packed New York crowd saw Nokia CEO Stephen Elop kicked off proceedings with an opening gambit, before Jo Harlow, executive vice president, unveiled the device, which features NFC, PureView camera technology and more.

Nokia also unwrapped the Lumia 820, a Windows 8 smartphone with a 4.3-inch display and a slot for microSD cards, alongside a standard 8GB of internal storage and a 1.5GHz dual-core S4 processor.