ESPOO, Finland-Nokia Corp. raised its revenue expectations due to what the company said were stronger-than-expected sales of mobile phones. Nokia’s stock jumped almost 4 percent on the announcement to $16.71 per share.
Nokia increased its revenue expectations by about $350 million to around $10.4 billion. The company also increased its expectations for earnings per share.
“The mobile device market has continued to be strong, and Nokia delivery volumes of mobile devices in the third quarter are anticipated to exceed its earlier expectations,” the company said in a statement. “In addition, due to geographical sales mix and relatively firm pricing, the average sales prices during the quarter are expected to decline less than initially anticipated.”
Nokia has recently scored notable gains in the mobile-phone market after stumbling last year. Nokia and Motorola Inc.-which also has enjoyed gains during the past several quarters-now command fully half the world’s handset market.
Shares of Texas Instruments Inc. and RF Micro Devices Inc. also saw gains following Nokia’s announcement. The companies supply chips to Nokia and other handset makers.
