Why Is Nokia's Stock Trading Higher Today?

Nokia Oyj NOK is moving higher in premarket trading Thursday after the company reported better-than-expected financial results.

What Happened: Nokia reported earnings of 8 cents per share, beating estimates of 1 cent per share, and revenue of $6.12 billion beating the estimate of $5.83 billion.

See also: How to Buy Nokia (NOK) Stock

"We have delivered a robust start to the year with strong net sales, operating margin and cash flow. Today’s results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership," said Pekka Lundmark, President and CEO of Nokia in a press release.

Nokia became a favorite play of the popular r/wallstreetbets subreddit when GameStop Corp GME was making headlines on a daily basis earlier in the year.

Related Link: If You Invested $1,000 In Nokia Stock One Year Ago, Here's How Much You'd Have Now

Price Action: Nokia has traded as high as $9.79 and as low as $3.21 over a 52-week period. The stock was up 16% at $4.87 at last check Thursday.

Photo courtesy of Nokia.