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What: Shares of Nokia (NYSE: NOK ) have skyrocketed today by as much as 20% after the Finnish smartphone maker released better-than-expected preliminary results.
So what: Sales of the company's Lumia smartphones in the fourth quarter increased to 4.4 million units, while its Asha family of lower-end devices sold 9.3 million units. The devices and services business is expected to generate $5.1 billion in revenue, and "achieved underlying profitability" due in part to lower-than-expected operating expenses.
Now what: The results are evidence that Nokia's turnaround is under way and progressing, despite the troubles it has had over the past few years competing with rivals. First-quarter outlook calls for an adjusted operating margin of negative 2%, plus or minus 4%, in the devices business. The company will release full financial results on Jan. 24.
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