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The Finnish company has released about 20 different smartphone models this year, which include the E71x, the E75, the N86, the N97 and the Surge 6790. This means in 2010, only around 10 new smartphones will be coming out to the market.

"We see ... really fierce competition certainly in the high end, but we also see it in the mid to low end of smartphones increasing," Jo Harlow, the head of Nokia's smartphone unit, said in a webcast. "We will defend our position, but we believe we also have tools to play offense as well as defense."

Last week, the handset maker said they expect their own market share to be flat next year while the overall handset market will grow by 10 percent. They also plan to stick with their Symbian operating system and work on improving the Symbian user interface.

Although Nokia is still the top handset market in the world, they have struggled to grow their global market share, which remained stagnant at 38 percent in the third quarter of 2009. What is worse, Nokia’s share in the smartphone market suffered a 6 percent quarter-on-quarter drop to 35 percent, losing ground to the two expanding smartphone makers Apple and RIM.

The slim-down of the global handset lineup is a move in response to Nokia’s shrinking smartphone share. Analysts see the strategy as a sensible one. But since Nokia’s cutting edge over other rivals has been largely lying in their wide product array that caters to different types of users, the company has to be very careful in finding the right balance.