Nokia Corporation (ADR) (NYSE:NOK) surprised analysts, investors and tech watchers by reporting a smaller-than-expected loss in the third quarter and surpassing all revenue margin forecasts.
The Finnish handset make which is making a bid to recapture its former glory in the mobile handset market, reported a loss of 0.07 euros a share compared to a profit of 0.03 euros in the year-ago period.
Will NOK Hit $5 This Year? Find Out Here
Analysts had forecast a loss of 0.11 euros.
Net cash came in at 3.6 billion euros, down from 4.2 billion in June but ahead of market forecasts of 3.4 billion euros.
Underlying operating profit of Nokia jumped to 323 million euros from 6 million a year earlier, with cost cuts and rising sales helping to beat all analysts' expectations.
Sales of the current range of Lumia smartphones fell to 2.9 million from 4 million in the second quarter with significant slowdowns in China as well as Europe. Average selling prices dropped to 160 euros from 186 euros per phone.
Its new range of Lumia smartphones unveiled in September will start selling from November 1, according to reports.
After the results were announced shares in Nokia jumped more than 8 percent to 2.38 euros in the pre open session, however the stock gapped down and was recently down 4.42% to $2.81.
Meanwhile financial services firm Morgan Stanley(NYSE:MS) reported higher revenues and income on gains in its bonds and asset management businesses.
The bank earned $535 million for common shareholders in July to September, up from $39 million a year ago.
Revenue rose 18 percent to $7.6 billion after excluding the charge. That beat the $6.4 billion that analysts were expecting.
In a statement, CEO James Gorman said the results showed the bank's "balanced, strategically focused" game plan. He said he was "confident in our potential to enhance profitability and increase value for our shareholders in the quarters ahead."
Shares of MS are down 1% to $180.32 in early trade.