NEW YORK (TheStreet) -- Shares of Nokia (NOK) are up 7.94% to $8.29 in pre-market trade after the network equipment maker that sold its mobile-phone business to Microsoft (MSFT), increased its profitability forecast after earnings beat estimates on rising sales in China, Bloomberg reports.
Operating profit at the network division, its biggest unit, will be at or slightly above the high end of its target range of 5% to 10% this year, Nokia said.
Previously it projected the margin to be toward the high end of that range. Second quarter earnings of 6 euro cents a share beat the 4.5 cents analysts projected on average.
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