Nokia Corporation Earnings Recaps
Q3 2025
Oct 23, 2025
Nokia delivered a strong Q3 2025, with net sales increasing by 9% driven by growth across all business groups, and robust order intake particularly in AI and cloud sectors.
Key takeaways
- Operating margin declined year-on-year due to a nonrecurring benefit last year; otherwise, it would have remained stable.
- Strong order intake in optical and IP networks, especially from AI and cloud customers, contributed to a healthier backlog.
- New partnerships with Endscale and Super Micro enhance Nokia's positioning in advanced networking technologies.
- Nokia remains well on track to meet its full-year operating profit outlook, with an expected sequential sales increase in Q4.
- Strategic review of venture fund investments leads to a reported increase in operating profit guidance, while maintaining unchanged operational targets.
Q2 2025
Jul 25, 2025
Nokia's Q2 2025 results showed mixed performance with growth in Network Infrastructure and Cloud Services offset by a decline in Mobile Networks, largely due to last year's revenue acceleration and unfavorable currency impact.
Key takeaways
- Network Infrastructure and Cloud Services reported strong growth; however, Mobile Networks faced a decline due to accelerated revenue recognition from last year.
- Currency fluctuations negatively impacted profitability, with a EUR 50 million noncash loss from venture funds primarily due to a weaker U.S. dollar.
- The acquisition of Infinera is showing positive results with strong demand in Optical Networks despite supply constraints, supporting a favorable book-to-bill ratio above 1.
- Full-year outlook revised down to EUR 1.6 billion - EUR 2.1 billion primarily due to significant currency headwinds and customer order fulfillment tariffs.
- Continued investments in AI infrastructure and strategic partnerships position Nokia well for future growth opportunities, particularly with hyperscalers.