Uh. Why did Nokia's stock go up?

I get that some people might be excited that Nokia sold more phones than the previous quarter, but the gain was in their feature phones, only.  Their smart phone sales declined 14%; go back to the prior quarter before Stephen Elop arrived and changed directions, their smart phone sales have declined 64%.

It's not like they turned a profit in either Devices and Services unit, or the whole company.  And considering that it won't be until Q4 when a WP8 phone will be available, Q3 could be bloody.

Most everything looks bad: lower sales volume of smart phones, lower revenue from smart phones, bigger loss in the devices and services group.

Just about the only positive light is that the company as a whole eased up on the losses...but it's still hovering around the one-billion Euro loss level.

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UPDATE: I thought I should add some perspective here. In Nokia's earnings, they reported 4M Lumias were sold. If they sold a total of 10.2M smart phones, that means that Nokia's WP phones are STILL underperforming Symbian and MeeGo handsets. But that is not enough mocking...they need to be thoroughly flogged. 4M Lumias in a quarter compared to:

• 1M activations of Android devices A DAY.
• 50M smartphones sold in a quarter by Samsung.

And of course, things will not get better.  Jelly Bean phones will be selling like hot cakes for the back-to-school rush next month.

It is going to be a very gloomy 3rd quarter for both Nokia and RIM.