Espoo, Finland, April 21, 2026, 21:33 (EEST)
Analysts are looking for Nokia to post an adjusted operating profit of 253 million euros on sales of 4.56 billion euros when it reports first-quarter numbers this Thursday. Investors are watching closely to see if the Finnish telecom equipment maker’s push into AI and data-center tech can jumpstart growth. Nokia plans to release results at around 8 a.m. Finnish time on April 23.
This update is Nokia’s debut quarterly report reflecting its revamped operating and financial structure, which means investors will see fresh segment breakdowns—three operating segments, plus business-unit sales for both Network Infrastructure and Mobile Infrastructure. Back in January, the company projected a full-year 2026 comparable operating profit between 2.0 billion and 2.5 billion euros, but flagged that first-quarter sales would likely dip more than the usual seasonal drop off after a strong Q4.
On Tuesday, consensus estimates pegged adjusted EPS at 0.04 euro, edging up from 0.03 euro a year ago. Adjusted operating profit is seen jumping about 62% from the 156 million euros Nokia reported for the first quarter of 2025. Sales might climb almost 4% from 4.39 billion euros, with last year’s number weighed down by a one-off Mobile Networks settlement charge.
Nokia has been ramping up its focus on AI-driven network investments in recent weeks. In March, Reuters reported fresh partnerships with TIM Brasil and Deutsche Telekom. Then, just last week, Nokia and Orange unveiled a new AI-RAN initiative—short for artificial-intelligence radio access network—with Nvidia, putting AI directly into the radio hardware that connects mobile phones to towers. These moves come on the heels of Nokia’s deal for Infinera and Nvidia’s $1 billion equity stake last year, highlighting the companies’ drive to ride the wave of AI infrastructure demand.
The company’s also been working to diversify its portfolio. In a release last week, Nokia announced Finnish operator Cinia will use Nokia’s DDoS protection tools to safeguard critical infrastructure. Jeff Smith, vice president and general manager of Nokia Deepfield, said the goal is to keep “mission-critical networks” safe. Nokia Corporation | Nokia
“AI is reshaping how networks are designed,” Nokia Chief Technology and AI Officer Pallavi Mahajan told Orange in its announcement. That’s the message. On Thursday, investors will be hunting for hard evidence in Nokia’s optical, IP, and cloud business lines. Back in January, Nokia pointed to AI and cloud demand as the reason for a 17% jump in Optical Networks sales in the fourth quarter. Nokia Corporation | Nokia
The near-term outlook isn’t as clear-cut. On Friday, Ericsson, which stands as Nokia’s primary Western competitor, fell short of first-quarter core profit expectations. The company pointed to pricier semiconductors—driven by AI demand—and a sluggish North American market. Ericsson’s finance chief, Lars Sandström, told Reuters the sector might have to “share the burden” with its customers. J.P. Morgan described the results as “soft to in-line,” and flagged that Nokia could face similar North American headwinds. Reuters
Nokia’s warnings echo those seen elsewhere: back in January, its outlook highlighted volatility in customers’ network spending and fluctuating chip prices as key risks. Still, management reaffirmed their 2026 profit target in the 2.0 to 2.5 billion euro range. Over at J.P. Morgan, analyst Sandeep Deshpande reiterated a Buy on the shares Tuesday, sticking with his 6.90 euro price call, per MarketScreener.
Tuesday brought a smaller corporate move from Nokia, which handed over 121,013 treasury shares to people involved in its equity incentive schemes. That leaves the company holding 133,328,622 of its own shares, according to a stock exchange filing.
Nokia’s U.S.-listed ADRs slipped roughly 1.2% to $10.47 as of 1819 UTC on Tuesday. With results due out Thursday, the focus shifts to whether growth in AI, optical, and software can make up for choppy carrier spending—most notably in North America.
