Unfortunately for Nokia, it's full-year performance wasn't all that stellar. Sales in 2012 were down 22 percent to 30.2 billion euros ($40.32 billion), compared to 38.7 billion euros ($51.68 billion) in 2011.
"We are very encouraged that our team's execution against our business strategy has started to translate into financial results," said Elop. "We remain focused on moving through our transition, which includes continuing to improve our product competitiveness, accelerate the way we operate and manage our costs effectively."
It was imperative that Nokia close out the year on a high note, not just for company morale and investor confidence, but as proof that the steps it's been taking are working. Nokia has cut tens of thousands of jobs over the past two years to keep costs down, and has been aggressively trying to reestablish itself as a premier mobile phone player.
Nokia sold 6.6 million smartphones in the fourth quarter of 2012, of which 4.4 million were Lumia devices. The company believes it could have sold more if not for "supply constraints" that occurred as it ramped up production capacity, which particularly affected Lumia 920 sales.