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Big Quarter for Nokia

Shares rise on a strong showing.
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Nokia (NOK) - Get Report shares rose 5% early Thursday after the handset maker posted an 85% surge in third-quarter earnings.

The Helsinki-based company made 1.56 billion euros ($2.21 billion), or 40 euro cents a share, for the quarter ended Sept. 30, up from the year-ago 845 million euros, or 21 euro cents a share. Sales rose 28% from a year ago to 12.9 billion euros ($18.3 billion).

Nokia said its operating margin rose to 14.6% from 11% in the second quarter, excluding special items, despite a drop in the company's average device selling price to 82 euros from 90 euros last quarter. Device volume rose 11% sequentially and 26% from a year ago to 111.7 million units. Nokia said its market share rose to 39% from 38% last quarter, as the company continues to grab share from rivals such as

Motorola

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.

The company expects its handset market share to hold steady in the fourth quarter. The company said it now expects industrywide global handset sales to hit 1.1 billion units, up from its previous target of 978 million units.

Shares rose $1.55 to $38.08.