Three days after the release of Windows 8, Microsoft is planning to release Windows Phone 8 unto the world. The company will host an event in San Francisco on Oct. 29 that will showcase unannounced features and devices from Nokia and other OEMs.

At the Windows Phone Summit back in June, Microsoft highlighted several Windows Phone 8 features aimed at getting developers and fans excited about the platform. Windows Phone 8 now supports multi-core processors, higher screen resolutions, a shared Windows Core, more customization options, Nokia Maps, NFC, Internet Explorer 10, and much more.

At another event, Nokia unveiled its first set of Windows Phone 8 devices, the Lumia 920 and the Lumia 820. Both devices are similar in hardware specs, with only the design and other minor details separating them.

Handset maker Nokia, has put all its eggs in one basket, being the only OEM supporting Windows Phone 8 exclusively. Since the company announced its partnership with Microsoft back in 2011, Nokia's prospects have yet to change as the company continues down a spiral fall that doesn't seem to be slowing down any time soon.

On Oct.18, Nokia reported a $1.27 billion loss in profits. This decline was due to a sharp drop in sales of the company's Lumia branded Windows Phone devices. The handsets sold a disappointing 2.9 million units in the third quarter of 2012, a sharp decline compared to the 4 million units sold in the second quarter. This slide could be due in part to Nokia Lumia handsets inability to upgrade to Windows Phone 8, making these devices obsolete and unattractive to consumers who are looking to purchase a smartphone for the long term.

Despite Nokia coming on board, Windows Phone has not managed to gain much market share. Currently, Windows Phone sits at the bottom of the pile with 3.5% shares, while Android and iOS control 62% and 38% of the market, respectively.