HELSINKI, July 17, 2026, 15:06 EEST
- Shares dropped 3.3% to €8.85, extending the six-session decline to roughly 21%.
- AI and cloud sales increased by 49% in the first quarter; Ericsson later cautioned about chip costs related to AI demand.
Nokia Oyj HEL:NOKIA dropped 3.3% to €8.85 as of 15:02 EEST on Friday, marking its sixth consecutive session of losses.
An estimate based on share price suggests around €13.5 billion in equity value has been wiped out since July 9, using that day’s closing price and 5.74 billion shares in circulation.
The reset weighs on an AI-driven rally. AI and cloud sales grew 49% in the first quarter, adding €1 billion in new orders.
Ericsson STO:ERIC-B has issued a cost alert tied to the current spending trend, pointing to increased memory prices driven by booming AI demand. CFO Lars Sandström stated the impact is being felt “the whole industry, including us.” Reuters
The tape displays the peer read-through.
| Company | July 9 close | July 17 price | Change |
|---|---|---|---|
| Nokia HEL:NOKIA | €11.200 | €8.85 | -21.0% |
| Ericsson STO:ERIC-B | SEK112.35 | SEK95.22 | -15.2% |
Friday prices are based on intraday data. Percent changes reflect movement from the listed prices.
Nokia shares have underperformed Ericsson by nearly six percentage points since July 9, indicating that investors are accounting for risks unique to Nokia ahead of its earnings release.
Broad market losses extended as well. Europe’s technology index dropped 2.3% in early trading on Friday. The STOXX 600 slid 0.6%.
Analyst opinions diverged on Thursday. DNB Carnegie downgraded Nokia to sell, setting a price target of €8.40. SEB (STO:SEB-A), meanwhile, upgraded the stock to buy with a target of €12.
Nokia trades at €8.85, which is approximately 5% above the bearish target, while the bullish target sits nearly 36% higher. These figures reflect broker opinions and are not company forecasts.
Nokia’s April margin figures established a high benchmark. Comparable gross margin increased by 320 basis points to 45.5%. Comparable operating profit grew 54% to €281 million.
CEO Justin Hotard stated that Nokia was “tracking somewhat above the mid-point,” in reference to the company’s comparable profit forecast of €2.0 billion to €2.5 billion. Nokia Corporation | Nokia
The July report requires more than rapid optical expansion. Investors are set to examine if pricing, product mix, and supply measures can safeguard margins.
The Nasdaq Helsinki was still trading at the time of publication. Cash equity trading is scheduled to close at 18:30 EEST. Nokia will release its report at approximately 08:00 EEST on July 23.
Risks: An uptick in orders or improved management of expenses may trigger a rebound. Increased component expenses, sluggish optical demand or weaker guidance may worsen the decline.
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