NOKIA (NOK) Company Report

Analyst Coverage

Research analysts who have asked questions during NOKIA earnings calls.

Robert Sanders

Deutsche Bank

5 questions for NOK

Also covers: ERIC

Sami Sarkamies

Danske Bank A/S

5 questions for NOK

Also covers: ERIC

Simon Leopold

Raymond James

5 questions for NOK

Also covers: AAOI, ANET, ATEN +17 more

Ulrich Rathe

Sanford C. Bernstein & Co., LLC

5 questions for NOK

Also covers: ERIC, LBTYA, TELNY

Felix Henriksson

Nordea Bank Abp

4 questions for NOK

Also covers: ERIC, TELNY

Francois-Xavier Bouvignies

UBS

4 questions for NOK

Also covers: ASML, ERIC, NXPI +1 more

Jakob Bluestone

BNP Paribas

4 questions for NOK

Also covers: ERIC, IFNNY

Richard Kramer

Arete Research

4 questions for NOK

Also covers: AAPL, CRTO, ERIC +2 more

Daniel Djurberg

Handelsbanken

3 questions for NOK

Also covers: ERIC

Sandeep Deshpande

JPMorgan Chase & Co.

3 questions for NOK

Also covers: ASML, ERIC, IFNNY +1 more

Artem Beletski

SEB

2 questions for NOK

Emil Immonen

DNB Carnegie Investment Bank AB

2 questions for NOK

Fredrik Lithell

Handelsbanken Capital Markets

2 questions for NOK

Also covers: ERIC, TELNY

Sébastien Sztabowicz

Kepler Cheuvreux

2 questions for NOK

Also covers: ERIC, IFNNY, STM

Alexander Duval

Goldman Sachs

1 question for NOK

Also covers: ASML, ERIC

Joachim Gunell

DNB Markets

1 question for NOK

Also covers: ERIC, YUBCF, YUBICO.ST

Latest news

Recent press releases and 8-K filings for NOK.

Nokia CEO Discusses AI Strategy, Network Infrastructure Growth, and Mobile Network Transformation

NOK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Nokia's Network Infrastructure (NI) segment is focused on capitalizing on the AI superstructure, particularly in IP switching and optical networking, with guidance for 10%-12% growth in these areas, contributing to an overall NI growth of 6%-8%.
The company's Mobile Networks strategy aims for operating profit to be flat or up by 2028 , transforming to a software-driven business model and leveraging a critical partnership with NVIDIA, with initial commercial deployment expected in 2027 and volume in 2028.
CEO Justin Hotard emphasized a disciplined approach to profitability and capital allocation, stating that the company will not aggressively chase market share at the expense of profit margins, particularly in radio network swap-outs.
Nokia is strategically expanding its manufacturing footprint through regionalization, including U.S. semiconductor manufacturing under the CHIPS Act and new factories in Europe, to enhance resiliency and support localized demand.

Dec 3, 2025, 4:35 PM

Transcript

Nokia Details AI Strategy, Network Infrastructure Growth, and Mobile Networks Profitability

NOK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Nokia is focusing on capitalizing on the AI superstructure within its Network Infrastructure (NI) segment, particularly in IP switching and optical networking, targeting AI and cloud markets.
The company projects 10%-12% growth in IP and optical within NI, contributing to an overall NI growth guidance of 6%-8%.
For Mobile Networks, Nokia aims for flat or increased operating profit by 2028 and is shifting towards a software-driven business model, anticipating radio hardware commoditization.
A strategic partnership with NVIDIA for AI RAN is expected to yield Proof of Concepts (POCs) in 2026, initial commercial deployment in 2027, and volume in 2028.
Nokia is committed to disciplined revenue and profit management, targeting a 48%-50% gross margin in mobile networks, prioritizing profitability over market share.

Dec 3, 2025, 4:35 PM

Transcript

Nokia Discusses AI/Cloud Strategy and Mobile Network Transformation

NOK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Nokia is strategically focusing its Network Infrastructure (NI) division on AI and cloud demand, particularly in IP switching and optical networking, targeting 10%-12% growth in these areas and 6%-8% overall NI growth.
In Mobile Networks, Nokia aims for flat or increased operating profit by 2028, driven by anticipated demand for persistent connectivity from physical AI and a shift towards a software-driven business model.
A key initiative in mobile is the partnership with NVIDIA for AI RAN, with proof-of-concepts expected in 2026, initial commercial deployment in 2027, and volume in 2028.
The company emphasizes disciplined profitability, targeting 48%-50% gross margins, and will prioritize profit over market share in certain situations, such as avoiding unprofitable swap-out deals.
Nokia's backlog is growing with longer-duration orders in optical, and the company is focused on converting orders into revenue rather than making customer announcements.

Dec 3, 2025, 4:35 PM

Transcript

Nokia Announces $4 Billion US Investment for AI-Ready Networks

NOK

New Projects/Investments

Nokia announced a $4 billion investment in the United States to expand its research, development, and manufacturing capabilities for AI-ready network technologies.
This investment includes $3.5 billion dedicated to R&D and $500 million towards manufacturing in states like Texas, New Jersey, and Pennsylvania.
Nokia is collaborating with Nvidia to co-develop AI-native radio access network (RAN) technologies, with Nvidia providing a $1 billion investment to create a standalone AI division within Nokia.
The initiative aims to accelerate innovation in AI-optimized connectivity, enhance U.S. security, and expand Nokia's U.S. footprint in the AI market.

Nov 21, 2025, 10:34 PM

WSJ

Nokia Outlines Strategic Shift to AI, New Structure, and Financial Targets

NOK

Guidance Update

New Projects/Investments

Layoffs

Nokia is re-aligning its strategy to focus on "connecting intelligence" and capitalize on the AI supercycle, positioning itself as a Western provider of connectivity for AI infrastructure.
Effective January 1, the company will reorganize into two core business segments: Network Infrastructure (NI) and Mobile Infrastructure (MI), while creating a new portfolio segment for non-core businesses.
Nokia targets an operating profit of between EUR 2.7 billion and EUR 3.2 billion by 2028, an increase from EUR 2 billion over the past 12 months.
The company aims for $1.2 billion in gross cost savings between 2023 and 2026, including a total headcount reduction of 14,000 employees.
Key financial targets for 2028 include 6%-8% net sales growth and 13%-17% operating margin for Network Infrastructure, and an increase in gross margin to 48-50% for Mobile Infrastructure.

Nov 19, 2025, 1:00 PM

Transcript

Nokia announces strategic reorganization and updated financial targets

NOK

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Effective January 1, Nokia will reorganize from four business groups into two business segments: Network Infrastructure and Mobile Infrastructure.
The company is targeting $1.2 billion in gross cost savings between 2023 and 2026, an increase from the previous $1 billion target, with $800 million already achieved. This includes a planned 14,000 headcount reduction, of which 9,000 have been completed by September.
Nokia aims for double-digit operating profit CAGR through 2028 and targets a free cash flow conversion from comparable operating profit in the range of 65%-75%.
A new portfolio business segment has been created for non-core businesses (fixed wireless access, customer premise equipment, site implementation and outside plant services, and microwave radio), which generated net sales of approximately EUR 0.9 billion and an operating loss of EUR 0.1 billion over the past 12 months. Nokia expects to find solutions for these businesses by the end of 2026.
The AI and cloud business, which represented 6% of group revenues in Q3, is expected to double and could reach 40% of Network Infrastructure's mix.

Nov 19, 2025, 1:00 PM

Transcript

Nokia Announces Strategic Reorganization and New Financial Targets Amid AI Supercycle

NOK

New Projects/Investments

Guidance Update

M&A

Nokia is undergoing a strategic reorganization, consolidating into two core business segments: Network Infrastructure (NI) and Mobile Infrastructure (MI), effective January 1. The company will also divest non-core businesses that generated EUR 0.9 billion in net sales and an operating loss of EUR 0.1 billion over the past 12 months, with solutions expected by the end of 2026.
The company introduced a new operating profit target of between EUR 2.7 billion and EUR 3.2 billion by 2028, an increase from EUR 2 billion over the past 12 months.
For the Network Infrastructure segment, Nokia targets 6%-8% net sales growth and an improved operating margin of 13%-17% through 2028. This segment is positioned as a near-term growth engine, capitalizing on the AI supercycle, with the NI market forecasted to grow from $48 billion in 2025 to $60 billion in 2028.
Nokia plans to increase its gross margin in the Mobile Infrastructure segment from the current 48% to 48-50% by 2028, focusing on profitability over top-line growth in radio networks.
The company maintains a strong balance sheet with approximately $3 billion in net cash at the end of Q3 and plans to invest over $100 million in additional optical Fab capacity.

Nov 19, 2025, 1:00 PM

Transcript

Nokia Announces New Strategy, Operating Model, and Long-Term Financial Target

NOK

Guidance Update

Management Change

New Projects/Investments

Nokia announced a new strategy to lead in the AI-driven transformation of networks, simplifying its operating model into two primary segments: Network Infrastructure and Mobile Infrastructure, effective January 1, 2026.
The company introduced a new long-term financial target to achieve comparable operating profit of EUR 2.7 to 3.2 billion by 2028, an increase from EUR 2.0 billion in the last 12 months (Q4'24-Q3'25).
New strategic KPIs include a 6-8% net sales CAGR for Network Infrastructure during 2025-2028, a 13% to 17% operating margin for Network Infrastructure by 2028, and a 48-50% gross margin for Mobile Infrastructure by 2028.
Nokia also moved several units into a new Portfolio Businesses segment for assessment of future direction during 2026, which generated EUR 0.9 billion in net sales and an operating loss of EUR 0.1 billion in the past twelve months.

Nov 19, 2025, 12:44 PM

6-K

Nokia Completes Directed Share Issuance to NVIDIA

NOK

New Projects/Investments

Delisting/Listing Issues

Nokia Corporation has completed a directed share issuance to NVIDIA Corporation.
A total of 166,389,351 new Nokia shares were registered, increasing the total number of Nokia shares to 5,742,239,696.
These new shares represent approximately 2.90% of the total Nokia shares and are expected to commence trading on Nasdaq Helsinki on or about November 14, 2025.
The new shares will not be listed on Euronext Paris, subject to the completion of a delisting process.

Nov 13, 2025, 4:39 PM

6-K

Nokia and Nvidia Announce Strategic Partnership and $1 Billion Investment

NOK

New Projects/Investments

Nokia announced a strategic partnership with Nvidia to accelerate the development of AI-native networks.
Nvidia will invest $1 billion in Nokia, acquiring approximately 2.9% of the company at an effective purchase price of $6.01 per share (or €5.16 per share).
The partnership focuses on advancing AI-RAN innovation for 5G and 6G, with field trials anticipated in early 2026 and commercial production expected by late 2027.
Nokia intends to use the investment proceeds to accelerate its strategic plans for trusted connectivity in the AI supercycle and for general corporate purposes.