The news first came from WPCentral, according to which an AT&T employee had already confirmed the price cut, and the reduction will apply to the Lumia 900 of all shades.
A Nokia spokesperson told the Journal that the move was a normal strategy that is put in place during the life cycle of most phones.
According to a channel check for the AT&T June quarter smartphone sales, Nokia Lumia is one of the popular phones of AT&T, with HTCs One X Android smartphone and Apples iPhone 4S.
He pointed out Samsungs Galaxy S II experienced a similar price drop in that timeframe.
Sales of the Lumia 900 initially appeared to be strong; the device was listed as the bestselling smartphone on Amazon the week following its release.
The Windows Phone 7.8 update will be coming to select devices, and the Lumia 900 will likely receive it as well at some point.
Last month, Nokia announced it will close its factories in Finland, Germany and Canada, and lay off up to 10,000 workers before the end of 2013.
Danielle Northrop is a business journalist based in Sydney, Australia. Danielle has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Danielle spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.