Nokia Soars in Preopen as it Reaffirms Profit Target

Updated from 7:57 a.m.

Nokia (NOK Quote) was up 10.5%, the most active stock in preopen Instinet trading, after the company reaffirmed its third-quarter profit targets.

The world's largest maker of mobile phones said pro forma earnings for the third quarter will be within the previously stated range of 0.14 to 0.16 euros per share (12 to 14 cents). However, Nokia expects revenue for the third quarter to be about 5% lower than the third quarter last year, vs. earlier expectations of flat to 5% year-on-year growth.

Mobile phone sales are expected to be flat with the year-earlier period, the company said.

The No. 2 mobile-phone maker, Motorola (MOT Quote), was also benefiting from Nokia's comments, up 5.7% on the preopen Instinet ECN.