Due to an excellent earnings report announced after the market close yesterday, shares of Motorola (MOT) are up over 20%.

Motorola’s Q1 revenues were nearly $2 billion more than expectations, over a 40% gain. Profit for the quarter came to $609 million, up from $169 million in the same quarter a year earlier.

25.3 million mobile phones were shipped in the quarter, a 51% increase. Europe to a large slice of that which is bad news for Nokia.