The "amazing everyday" campaign was good to raise awareness, but it should have been followed by more product and feature-focused campaigns on why people should buy the phones, according to Cunningham.

How phones based on next generation of Windows Phones do is critical for Nokia, according to Windsor.

"With the cuts that Nokia has made, it is really cutting into the ability to develop things on its own. So the company becomes more dependent on Windows smartphones than it ever was before," said Windsor.

Elop isn't revealing much about the next versions of Microsoft's OSes.

"The catalyst of Windows and Windows Phone 8 coming out sometime, perhaps later this year, or whenever, is clearly attracting a lot of attention," said Elop.