Nokia Sees Boom in 2nd Quarter

Phone giant steals share from Motorola

(Newser) – Cellphone leader Nokia’s sales rose 29% in the second quarter, the most in five quarters, and its profit more than doubled as it stole market share from Motorola, Bloomberg reports. The Finnish company’s stock hit a 5-year high today as shares jumped 9.3% to 22.50 euros.

Selling 13 phones every second, Nokia vastly outperformed Motorola, which lost money on the quarter after failing to launch a follow-up to the popular Razr. Nokia’s market share hit 38 percent, making it bigger than the next three companies combined.