Benzinga | Oct 28, 2021 09:46AM EDT

Why Nokia Shares Are Rising

Nokia Oyj (NYSE:NOK) shares are trading higher by 3.8% at $5.98 after the company reported third-quarter earnings results.

Nokia reiterated their full year guidance for net sales in the range of (euro)21.7 billion to (euro)22.7 billion and comparable operating margin of 10% to 12% and the company now expects to be towards upper-end of the margin range considering continued strong performance.

"The third quarter saw us achieve 2% constant currency net sales growth despite the impact of earlier communicated headwinds in North America for Mobile Networks and global supply chain constraints. These headwinds were offset by strong growth in Network Infrastructure against a tough year-on-year comparison and by Cloud and Network Services achieving double-digit growth," said Nokia CEO Pekka Lundmark.

"Our comparable operating margin for the quarter was 11.7%, which is a further testament to the accountability and financial discipline that our new operating model is driving through the organization. We now have over 380 private wireless customers and the business continues to grow strongly. We are further increasing our investment to ensure we maintain the lead we have built with the industry's most complete offering," Lundmark stated.

Nokia has a 52-week high of and a 52-week low of