So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
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My Nokia Lumia 920 shows the lightning bolt and gear icon. does not start and is frozen on that icon.
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So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
A HAD SAME PROBLEM TOOK OUT MEMORY CARD ATTACHED TO LAPTOP AND PRESSED VOLUME <DOWN> AND POWER BUTTON AND IT CAME ON
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i have done this..but its showing volume continuously..and when i press back button..the apps arent closing but the volume one open the top closes and opens..when i decreases volume it again comes to 30..when i again switch off and on the phone..lightening bolt and cog wheel appears..please provide me solution asap..
how long do i hold these buttons ( camera n volume down) it just goes back too the frozen nokia symbol
So I know the feeling, I just experienced the same thing and was very frustrated. I let it sit there spinning away for 51/2 hours then finally got to a very high frustration level so I can truly appreciate what you are feeling.
So ultimately this is what I did and after several attempts, it worked.
Turn off the phone, Once the phone is off, Hold the Volume down key then press the power on and keep them pressed until your device vibrates.
Once the Nokia screen appears press the following keys in order:
Volume Up
Volume Down
Power Key
Volume down.
The phone will turn on automatically (see note below), this may take several minutes and it will show two gears that are spinning just wait for it to finish.
NOTE:
So what I noticed was that when I went through that process, the Nokia screen that appeared before I pressed the 4 keys in order flashed and appeared again after I pressed the keys in order. The gears showed again, I went downstairs and came back up to check after about 15 minutes and the screen was dark. It was dark because the process completed and was ready to start setting up again so it timed out because I was not there. You can wait and watch the gears but go get a drink of juice then come back.