Nokia sold its phone business to Microsoft but that might not stop it from coming out with new handsets. Recode reports Nokia is planning to come out with a smartphone next year. The company can use the Nokia brand on phones once it reaches Q4 2016. Microsoft has been using the Nokia brand infrequently and is generally moving away from it.

Since Microsoft is not using the Nokia brand much and Nokia can return to using it next year, there is little standing in the way of a new Nokia smartphone.

Recode has also reported Nokia has a virtual reality project.