HMD Global, a telecom start-up licensing Nokia's (NOK) brand, introduced its first flagship smartphone on Wednesday, in a move to fortify itself as a dominant mobile player implementing Nokia's brand, CNBC reports.

The Nokia 8 will go on sale in early September and cost 599 euro ($702). The phone could be available for sale before the highly-anticipated Apple (AAPL) iPhone 8.

The phone boasts a 5.8-inch display, dual camera mode offering both pictures and videos from the front and back of the device, and three microphones to capture 360 degrees sound.

The Nokia 8 will run Alphabet's latest Android operating system, Android O.

"We think with the Nokia brand and the combination of industry leading performance as well as immersive and innovative consumer experience, we will be immediately able to make a mark in the high end segment," Florian Seiche, acting chief executive of HMD Global, told CNBC.

Shares of Nokia closed higher on Wednesday. 

More of What's Trending on TheStreet:

More from Stocks

Record Bull Market Poised to Run Further as Trump Frets Over Fed

Record Bull Market Poised to Run Further as Trump Frets Over Fed

Famed Chartist Marc Chaikin Gives Jim Cramer His Top Picks Wednesday Aug. 22

Famed Chartist Marc Chaikin Gives Jim Cramer His Top Picks Wednesday Aug. 22

Cohen Pleads Guilty, Manafort Found Guilty -- Any Market Impact?

Cohen Pleads Guilty, Manafort Found Guilty -- Any Market Impact?

Rewalk Robotics CEO Reveals a Path to Profitability Amid Plunging Stock Price

Rewalk Robotics CEO Reveals a Path to Profitability Amid Plunging Stock Price

Stocks Trim Gains At Close After S&P 500 Sets Intraday High

Stocks Trim Gains At Close After S&P 500 Sets Intraday High