The earnings call presented a mixed picture with strong growth in network infrastructure and cloud services, positive cash flow, and strategic progress with the Infinera acquisition. However, the decline in net sales, significant one-off charges, tariff impacts, and challenges in achieving profit targets offset these gains.

Company Guidance -

Q2 2025

In the recent Nokia First Quarter 2025 Results Call, several key metrics were discussed, highlighting both challenges and successes. Nokia's net sales declined by 3% year-over-year, but when adjusted for over EUR 400 million of catch-up net sales in Nokia Technologies, they actually grew by 7%. Network infrastructure saw an 11% growth, with optical networks particularly strong at 15%. Cloud and Network Services grew 8% due to high demand for 5G core. Despite a contraction in net sales, Mobile Networks showed stabilization with a 2% increase. Operating margins saw varied performance across segments, with network infrastructure expanding by 190 basis points and cloud and network services seeing a substantial increase of 930 basis points. Free cash flow was robust at over EUR 700 million, ending the quarter with a net cash position of EUR 3 billion. However, profitability was impacted by a EUR 120 million contract settlement in Mobile Networks. Looking forward, Nokia expects tariffs to potentially impact operating profit by EUR 20 million to EUR 30 million in Q2, with proactive measures being taken to mitigate exposure. The guidance remains unchanged, although achieving the top end of the operating profit range is now seen as more challenging due to unexpected charges.

Strong Growth in Network Infrastructure

Network infrastructure segment showed 11% growth, with optical networks growing 15%, fixed networks 9%, and IP networks 7%.

Cloud and Network Services Expansion

Cloud and Network Services grew 8% with strong demand for 5G core, securing significant wins at AT&T, Boost Mobile, Ooredoo Qatar, and Telefonica.

Positive Free Cash Flow

Generated over EUR 700 million of free cash flow in the quarter, ending with a net cash position of EUR 3 billion.

Infinera Acquisition Value

Infinera acquisition is expected to accelerate product roadmaps and increase access to hyperscale customers, with strong order growth in optical networks.

T-Mobile RAN Agreement Extension

Announced an extension of the RAN agreement with T-Mobile U.S., indicating strong partnership and potential for future growth.

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
Jul 24, 2025	2025 (Q2)	0.06 / -	0.065	―	―	―
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)
Apr 20, 2023	2023 (Q1)	0.08 / 0.07	0.074	-10.81% (>-0.01)

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
Apr 24, 2025	$5.27	$4.83	-8.35%
Jan 30, 2025	$4.39	$4.64	+5.69%
Oct 17, 2024	$4.39	$4.27	-2.73%
Jul 18, 2024	$3.81	$3.54	-7.09%

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.