Updated from 9:17 a.m. EDTIn baseball, Ed Zander sticks with the winners. His investors are doing the same. Motorola ( MOT) shares rose 2.7% to $20.72 Wednesday after the wireless giant posted strong third-quarter earnings on hard-won gains in the cell-phone market. CEO Zander, who copped to changing allegiances to Chicago from Boston in the World Series, said on a conference call that the company gained a percentage point of handset market share in the latest quarter, to 19%. For the quarter ended Oct. 1, the Schaumburg, Ill., wireless giant made $1.75 billion, or 69 cents a share, from continuing operations. That figure includes a net benefit of 39 cents a share from investment gains, tax benefits and reorganization and debt-retirement costs. A year ago, Motorola made $426 million, or 18 cents a share. Revenue surged 26% from a year ago to $9.42 billion. The numbers stormed past Wall Street's expectations. Analysts surveyed by Thomson First Call had forecast third-quarter earnings of 28 cents a share on revenue of $9.1 billion. Mobile device sales rose 41% from a year ago to $5.6 billion, as the company sold 38.7 million handsets during the quarter. Motorola said that number is 66% above the year-ago comparison and sets a company record. The company said its market share rose in the latest quarter, and its average selling price held steady at around $140. Motorola's fortunes have clearly been lifted by the thin metal Razr phone, with 6.5 million units shipped in the third quarter and 12 million to date. Motorola will introduce a code-division multiple-access Razr, presumably for Verizon Wireless and Sprint, this quarter. The CDMA Razr is available in Korea, where it is now the most popular phone, says Zander.