Nokia (NYSE:NOK) Announces Quarterly Earnings Results

Nokia (NYSE:NOK) announced its quarterly earnings results on Thursday. The technology company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02, FiscalAI reports. Nokia had a net margin of 4.65% and a return on equity of 8.24%. The company had revenue of $7.19 billion during the quarter, compared to analyst estimates of $6.10 billion.

Here are the key takeaways from Nokia’s conference call:

• Q4 results were in line with guidance — net sales up 3% to €6.1bn, operating profit of €1.0bn, full?year net sales €19.9bn, operating profit €2.0bn, free cash flow conversion 72% and net cash of €3.4bn.
• Strong momentum in Network Infrastructure — Optical grew ~17% in Q4, AI/cloud customers generated €2.4bn of orders in 2025, book?to?bill >1, and 800G ZR/ZR+ pluggables are shipping with multiple design wins.
• Management is increasing investment to capture AI/cloud demand, targeting €900m–€1.0bn CapEx in 2026 to expand optical manufacturing (including indium phosphide fab capacity) to support ramping production.
• Strategic and structural moves to sharpen focus — acquisition of Infinera, creation of a new Mobile Infrastructure segment and Nokia Defense, plus published KPIs (NI growth and margin targets) to drive longer?term value creation.
• Near?term profitability headwinds — Nokia Technologies sales fell 17% in Q4 with a €20m impairment, and the newly grouped Portfolio Businesses posted €97m operating loss in 2025 (management expects a lower but still negative outcome in 2026).

Nokia Trading Down 10.8%

Nokia stock traded down $0.74 during trading hours on Thursday, hitting $6.09. The stock had a trading volume of 47,046,005 shares, compared to its average volume of 35,850,148. The business’s 50 day simple moving average is $6.40 and its 200-day simple moving average is $5.55. Nokia has a one year low of $4.00 and a one year high of $8.19. The stock has a market cap of $34.94 billion, a price-to-earnings ratio of 33.92 and a beta of 0.77. The company has a quick ratio of 1.23, a current ratio of 1.48 and a debt-to-equity ratio of 0.12.

Trending Headlines about Nokia

Here are the key news stories impacting Nokia this week:

• Positive Sentiment: Stronger-than-expected Q4 revenue and EPS: Nokia reported Q4 sales well above consensus driven by Network Infrastructure and rising demand from AI and data-center customers; EPS also topped estimates. This shows accelerating top-line momentum from AI/cloud customers. Nokia Q4 Earnings Beat Estimates Nokia Reports Jump In Sales From AI And Cloud Customers
• Positive Sentiment: Product / partner wins tied to AI and edge deployments: New partnerships and product positioning (e.g., edge AI tie-ups) support continued AI-related revenue growth and broaden addressable market. Nokia Partners with Blaize on Edge AI Nokia foregoes Nvidia for APAC AI infrastructure deal
• Neutral Sentiment: Reporting changes: Nokia provided recast comparative segment results to reflect a new two-segment operating structure meant to align with the AI-driven strategy — this improves transparency but may complicate near-term comparisons. Recast comparative segment results
• Neutral Sentiment: Macro / policy commentary: CEO comments on Europe–U.S. co-dependence and Nokia’s support for new EU rules signal alignment with regulatory tailwinds for European tech suppliers, a potential structural benefit over time. CEO says Europe, US co-dependent
• Neutral Sentiment: Analyst stance: Consensus remains constructive (moderate buy), reflecting optimism on AI-driven revenue but tempered expectations for margins/guidance. Analyst consensus moderate buy
• Negative Sentiment: Softer guidance: Despite the Q4 beat, management issued guidance that investors perceived as cautious/softer than hoped, which has been cited as the primary reason for the stock decline. Shares fall after softer guidance
• Negative Sentiment: Margin pressure from higher operating expenses: Q4 profit strength was limited by rising OPEX, which pushed margins down and raises near-term profitability concerns even as revenue grows. Higher operating expenses
• Negative Sentiment: Leadership change: The company disclosed that the chair will step down, which can create short-term governance/uncertainty concerns for some investors. Chair to step down

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on NOK shares. New Street Research set a $6.57 price objective on Nokia in a research note on Thursday, November 20th. Kepler Capital Markets raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, January 7th. Northland Securities set a $7.50 price objective on shares of Nokia in a research report on Friday, October 24th. Morgan Stanley raised shares of Nokia from an “equal weight” rating to an “overweight” rating in a report on Thursday, January 15th. Finally, JPMorgan Chase & Co. boosted their price target on Nokia from $7.10 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, December 1st. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.77.

Hedge Funds Weigh In On Nokia

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wexford Capital LP bought a new stake in Nokia in the third quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nokia in the 3rd quarter valued at $34,000. EP Wealth Advisors LLC acquired a new position in shares of Nokia during the 2nd quarter valued at $54,000. Lido Advisors LLC boosted its stake in Nokia by 24.9% during the third quarter. Lido Advisors LLC now owns 13,731 shares of the technology company’s stock worth $66,000 after acquiring an additional 2,735 shares in the last quarter. Finally, Modern Wealth Management LLC bought a new position in Nokia during the second quarter worth $74,000. 5.28% of the stock is owned by institutional investors and hedge funds.

Nokia Company Profile

Nokia Corporation, headquartered in Espoo, Finland, is a global telecommunications and technology company with roots dating back to 1865. Over its long history the company moved from forestry and cable operations into electronics and telecommunications, becoming widely known in the 1990s and 2000s for its mobile phones. In recent years Nokia refocused its business toward network infrastructure, software and technology licensing, and research and development, following the divestiture of its handset manufacturing business and the acquisition of Alcatel?Lucent in 2016, which brought Bell Labs into its portfolio.

Today Nokia’s core activities center on designing, building and supporting communications networks and related software.