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The last 12 months have witnessed a major reversal of fortune for fallen star Nokia Corporation (NYSE: NOK).

NOK Chart

NOK data by YCharts.

With little doubt, the single biggest driver of Nokia's recent share price rebound was its September announcement that it would be selling its wireless business to tech giant Microsoft.

This Thursday, Nokia will report its final quarterly earnings report before the Microsoft sale deal closes. And with some uncertainty surrounding how Nokia will forge ahead once the Microsoft deal closes, investors will have plenty of story lines to scrutinize in this quarterly report.

Nokia's changing directions
The deal with Microsoft will generate roughly $7.3 billion for Nokia, which will bring the Finnish telecom's net cash balance north of $10 billion. Just exactly how Nokia plans to put that fresh capital to work is some matter of speculation. Without question, the most evident move would be to invest to redouble its strength in networking and communication equipment.

There's also the question as to who exactly will lead Nokia into this new future as well since the company has yet to announce a full-time CEO.

In the video below, tech and telecom analyst Andrew Tonner looks at the key numbers and stories that investors need to watch when Nokia reports its earnings on Thursday.

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Fool contributor Andrew Tonner has no position in any stocks mentioned. The Motley Fool owns shares of Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.