A key part of Nokia's plan is to offer lower-priced, Windows Phone-based smartphones in order to better compete with Android.

"We have plans already to go lower than the Lumia 610. But part of what we have been able to do with specific support from Microsoft is identify ways to go even further than we had anticipated," said Elop. In the U.K., for example, the Lumia 610 is priced at £160 including VAT but not including a contract.

Nokia needs to compete with Android aggressively, and the low-end price war is an important part of that, according to Elop. However, changes made by Elop to help turn around the company aren't related to just its phones but also to sales and marketing.

Jerri DeVard is stepping down as chief marketing officer, to be replaced by long-time employee Tuula Rytila, who has been a rising star within Nokia, according to Wood.

"DeVard's big focus was the Lumia products, and I think there were some mistakes made along the line with how the Lumia phones were marketed," said Cunningham.