The earnings call highlighted strong performance in Network Infrastructure and Cloud and Network Services, with significant new deals and advancements in technology. However, challenges in Mobile Networks, currency fluctuations, and a revised outlook due to external factors present notable challenges.

Company Guidance -

Q3 2025

During Nokia's second quarter 2025 results call, the company provided guidance for the full year, adjusting its operating profit outlook from EUR 1.9 billion to EUR 2.4 billion to a new range of EUR 1.6 billion to EUR 2.1 billion. This revision was driven by two main factors: currency fluctuations and tariffs. The euro-dollar exchange rate had shifted from 1.04 to 1.17, contributing to a EUR 230 million headwind, including a EUR 90 million noncash impact from currency within their venture fund portfolio. Tariffs were expected to impact the full-year operating profit by EUR 50 million to EUR 80 million. Despite these challenges, Nokia maintained its guidance for free cash flow conversion at 50% to 80% of comparable operating profit and projected strong growth in Network Infrastructure, growth in Cloud and Network Services, and stable net sales in Mobile Networks, with Nokia Technologies expected to deliver EUR 1.1 billion in operating profit.

Strength in Network Infrastructure

Network Infrastructure delivered 8% growth with Fixed Networks growing 17%, Optical Networks 6%, and IP Networks 3%. This growth was particularly driven by demand in Optical Networks and positive reception to the Infinera acquisition.

New Deals and Partnerships

Nokia secured significant deals, including its first award from a hyperscaler for 800 gig ZR/ZR+ pluggables and a deal with a large U.S. communication service provider. Additionally, new 5G deals were signed with T-Mobile U.S., Elisa in Finland, and Optus in Australia.

Strong Cloud and Network Services Performance

Cloud and Network Services net sales grew by 14%, reflecting momentum in Core Networks, with strong growth in North America and Asia Pacific.

Advancements in AI and Technology

Nokia is actively participating in consortiums bidding for the EU's EUR 20 billion program to build AI gigafactories, indicating long-term growth opportunities in AI infrastructure.

Nokia (NOK) Earnings, Revenues Date & History

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NOK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 23, 2025	2025 (Q3)	0.06 / -	0.065	―	―	―
Jul 24, 2025	2025 (Q2)	0.06 / 0.05	0.065	-27.69% (-0.02)
Apr 24, 2025	2025 (Q1)	0.05 / 0.03	0.096	-64.58% (-0.06)
Jan 30, 2025	2024 (Q4)	0.14 / 0.19	0.108	74.07% (+0.08)
Oct 17, 2024	2024 (Q3)	0.07 / 0.07	0.053	22.64% (+0.01)
Jul 18, 2024	2024 (Q2)	0.05 / 0.07	0.078	-16.67% (-0.01)
Apr 18, 2024	2024 (Q1)	0.08 / 0.10	0.066	45.45% (+0.03)
Jan 25, 2024	2023 (Q4)	0.13 / 0.11	0.174	-37.93% (-0.07)
Oct 19, 2023	2023 (Q3)	0.08 / 0.05	0.098	-45.92% (-0.05)
Jul 20, 2023	2023 (Q2)	0.09 / 0.08	0.102	-23.53% (-0.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NOK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 24, 2025	$4.48	$4.30	-4.02%
Apr 24, 2025	$5.23	$4.79	-8.41%
Jan 30, 2025	$4.35	$4.61	+5.98%
Oct 17, 2024	$4.35	$4.24	-2.53%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.