Nokia (NOK) just reported amazing fourth-quarter results. Earnings soared to 0.47 euro a share which was 0.03 higher than forecasts. The company now has a 40% share of the market. Sales grew 34% which was the fastest pace since 2000.

Operating margin generated in the mobile-device business widened noticeably, to 25% from 17.8% a year earlier--evidence that Nokia has found a sweet spot between volume growth and profitability.

Over the past three quarters, Nokia has shown it can sell more handsets, raise profit and gain market share even as it continues its expansion into emerging markets, where consumers can pay as little as $20 for a phone.

The stock is up strongly today.