Nokia Raises Outlook on Higher Demand

Mobile phone maker Nokia raised its quarterly sales and earnings forecast on strong market demand, reversing a recent spate of grim outlooks and sending its shares up 8%.

Nokia said it expected July-September earnings per share of 13 to 16 cents, up from a previous forecast of 10 to 12 cents but still well below 21 cents for the same period a year before.

The upgrade was the first bright spot for Nokia since April, when the Finnish company said it was losing market share to rivals that had wider offerings of phones with cameras, color screens and fold-away designs.

Nokia shares rose $1.06 to $13.77 on the NYSE.