The earnings call highlighted strong growth in Network Infrastructure and Cloud and Network Services, accompanied by positive reception for the Infinera acquisition. However, these were offset by significant challenges in Mobile Networks, currency and tariff headwinds, and a reduction in the full-year outlook. The balance between the positive and negative aspects suggests a mixed performance.

Company Guidance

In the second quarter of 2025, Nokia's financial performance was mixed, reflecting both positive growth and challenges. Network Infrastructure and Cloud and Network Services showed good growth, but Mobile Networks experienced a decline due to accelerated revenue recognition from the previous year. Profitability was impacted by currency fluctuations, particularly the weaker U.S. dollar, creating a EUR 50 million non-cash negative impact from venture funds, including a EUR 60 million negative impact from currency. Nokia's full-year outlook for 2025 was adjusted, with expected operating profit revised to EUR 1.6 billion to EUR 2.1 billion due to currency impacts and tariffs. Despite these challenges, the company sees strong growth opportunities in Network Infrastructure and Cloud and Network Services, with continued stable sales in Mobile Networks and a projected EUR 1.1 billion operating profit in Nokia Technologies. Free cash flow conversion guidance remains at 50% to 80% of comparable operating profit.

Strong Growth in Network Infrastructure

Network Infrastructure delivered 8% growth, with Fixed Networks growing 17%, Optical Networks growing 6%, and IP Networks growing 3%. Hyperscalers accounted for 5% of net sales in Q2, and there was a strong book-to-bill ratio in Optical Networks.

Cloud and Network Services Performance

Cloud and Network Services net sales grew by 14% in the quarter, driven by strong expansion in Core Networks and an improvement of 520 basis points in gross margin.

Positive Reception to Infinera Acquisition

The acquisition of Infinera showed continued strong commercial momentum in Optical Networks, though tempered by supply constraints. The integration is on track to achieve committed synergies.

Continued Market Leadership in IP Networks

Nokia maintained its #1 position in edge routing and #2 in total routing, indicating strong market leadership.

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.