Nokia shares climb after 3Q results

American Depositary Shares of the Finland-based company rose $1.21, or 8 percent, to $16.32 in afternoon trading. Earlier, the stock hit a 52-week low of $14.70 amid a volatile trading session for the market.

The company had said it expects fourth-quarter sales to increase, and that it could see a slight gain in market share, which had declined in the third quarter. Furthermore, Nokia still expects the overall handset market to grow 10 percent in 2008.

Citi Investment Research analyst Sherief Bakr called the quarter's sales "light," but added that earnings per share met Wall Street's expectations. He said the company's outlook was "mixed," with no major market share gains expected.

"Given (third-quarter) share losses and Nokia's typical (fourth-quarter) share gains, this is disappointing and may reflect a greater sustainability of low-end competition and low expectations for new smartphone lineup," the analyst wrote in a note to investors in Europe.