TLDR
- Nokia stock opened sharply higher, gaining +1.3% to €9.286 after a Q2 earnings beat
- Comparable operating profit hit €434 million, up 18% YoY, ahead of the ~€382 million estimate
- AI and cloud sales more than doubled, rising 105% YoY; order intake nearly tripled vs Q1
- Full-year comparable operating profit guidance raised to €2.1–€2.6 billion
- JPMorgan reiterated Overweight with an €18.00 price target following the results
Nokia beat Q2 expectations across the board on July 23, 2026, sending the stock up at the open before settling at a +1.3% gain to €9.286. The stock touched a session high of €9.800.
Nokia – Q2 2026 Earnings$NOK 10.99 [+6.9% Overnight]
✅ Revenue: €4.82B (Est: ~€4.75B) [+8% YoY]
✅ Comparable Operating Profit: €434M (Est: €382M) [+18% YoY]Comparable Gross Margin: 46.0%
Comparable Diluted EPS: €0.07 [+75% YoY]Additional Metrics:
AI & Cloud Customer…— Sam Badawi (@Sam_Badawi) July 23, 2026
Net sales came in at €4.82 billion, up 9% on a constant-currency basis. Comparable operating profit reached €434 million, an 18% year-over-year increase and well ahead of analyst expectations of around €382 million.
The headline number that turned heads was AI and cloud. Sales to those customers rose 105% year-over-year. Order intake from AI and cloud clients hit €2.8 billion in Q2 — nearly three times the €1 billion booked in Q1.
Nokia’s Network Infrastructure segment, which has the most exposure to AI-driven spending, posted 12% constant-currency revenue growth. Within that, Optical Networks rose 20% and IP Networks climbed 16%.
Guidance Raised, Dividend Declared
Nokia lifted its full-year comparable operating profit guidance to a range of €2.1–€2.6 billion. The company also declared a dividend of €0.04 per share.
JPMorgan reiterated its Overweight rating and €18.00 price target after the results, pointing to the strong EBIT beat. SEB Equities had already upgraded Nokia to Buy ahead of the print, citing the AI and cloud growth runway.
The stock did trim some early gains through the session. Investors weighed the pace of guidance upgrades against an announcement of additional European restructuring charges totalling €200 million.
Ericsson Comparison Worth Noting
Rival Ericsson had previously flagged rising AI-related component costs as a sector headwind. That had weighed on Nokia in the weeks leading up to this report.
Nokia’s Q2 results pushed back on that concern, showing demand-side momentum running ahead of cost pressures.
Finland’s benchmark OMX Helsinki 25 had already moved higher in the prior session ahead of the results.
From a valuation standpoint, Nokia’s P/E currently sits at 61.11x, well above its historical median of 22.66x. GF Score stands at 58 out of 100, suggesting moderate long-term return potential.
Financial strength metrics remain solid, with a current ratio of 1.57 and a debt-to-equity ratio of 0.16. No insider buying or selling has been reported in the past 12 months.
Nokia’s market cap sits at approximately $57.39 billion. The stock opened at €9.762 before pulling back to close the session at €9.286, up 1.3% on the day.
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