Mobile phone maker Nokia reported April-June results roughly in line with forecasts, and was upbeat on the rest of 2008, easing fears that economic woes were hitting phone demand.
Nokia shares in Helsinki rose 8 per cent on the announcement to €17.05, although they are still 35 per cent down this year.
Nokia slightly raised its forecast for the mobile phone industry, saying volume would grow 10 per cent or more in 2008, having previously forecast growth of about 10 per cent.
"Looking at the rest of the year, we are optimistic and have had good feedback about the broad range of new products we expect to sell," Nokia Chief Executive Olli-Pekka Kallasvuo said in a statement today.
The company said earnings per share for the three months, minus special items, rose to €0.36 from €0.32 in the same period of 2007, compared with an average forecast of €0.37 in a Reuters poll of 31 analysts.
The mobile phone industry has been speculating about the effect of a global economic slowdown since Sony Ericsson shocked the market with June's profit warning due to soft European demand.
Nokia's average selling price for phones in the second quarter disappointed the market, however, falling to €74 from €79 in the previous quarter. Analysts had on average expected €77.
Nokia sold 122 million phones in the period, beating the average forecast of 120 million.
Reuters