HELSINKI, August 11, 2026, 13:09 EDT
- Nokia ADRs gained 3.4%, reaching $9.44 following four consecutive sessions of losses.
- The share price was still 45.9% under its 52-week peak from June.
- AI and cloud orders totaled €2.8 billion in the second quarter, outpacing quarterly sales to those clients by over six times.
Nokia Oyj NYSE:NOK shares rose on Tuesday, with investors considering a substantial three-month pullback alongside an expanding AI order backlog for the company. At 12:50 p.m. in New York, the ADR was trading at $9.44, showing a 3.4% gain as the regular session continued.
The rebound came after four straight sessions in the red. Monday’s 2.5% decline pushed Nokia down to $9.13, marking a drop of nearly 48% from its high in June. Tuesday’s gains recovered only a fraction of those losses.
| Market measure | August 11 reading | Investor context |
|---|---|---|
| ADR price | $9.44 | Rose 3.4% during trading |
| Session range | $9.31-$9.52 | Started the session at $9.37 |
| 52-week high | $17.45 | Price now 45.9% below peak |
| Volume | 36.66 million | Represents 42% of typical daily 87.47 million |
| Market value | $55.11 billion | Based on indicated ADR price |
The market table utilizes Google Finance intraday data. The discount from the peak is based on the $9.44 price compared to the $17.45 high. Trading was ongoing and volume continued to rise as the session was not yet over.
The more pressing issue is how quickly Nokia can convert its orders into profit. AI and cloud order intake for the second quarter totaled €2.8 billion, while sales to these clients amounted to €446 million, making orders roughly 6.3 times the quarterly sales figure.
The company anticipates that approximately 50% of those orders will turn into revenue over the next 12 months, suggesting around €1.4 billion in conversion, excluding any potential cancellations or timing adjustments. “Demand remains strong, while supply continues to be the main industry constraint,” Chief Executive Justin Hotard said. Nokia Q2 report
| Comparable group measure | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net sales | €4.815 billion | €4.448 billion | 8% higher reported |
| Operating profit | €434 million | €367 million | up 18% |
| Operating margin | 9.0% | 8.3% | increase of 70 basis points |
| Diluted EPS | €0.07 | €0.04 | rising 75% |
The quarter provided the order thesis with operational backing. Comparable profit grew at a quicker rate than sales, while earnings per share climbed by 75%. These results are detailed in Nokia’s half-year report.
| Q2 2026 segment measure | Network Infrastructure | Mobile Infrastructure |
|---|---|---|
| Net sales | €2.037 billion | €2.680 billion |
| Reported sales growth | 12% | 6% |
| Operating profit | €166 million | €310 million |
| Operating margin | 8.1% | 11.6% |
| Prior-year margin | 6.4% | 12.2% |
Network Infrastructure drove growth, with its margin rising by 1.7 percentage points. In contrast, Mobile Infrastructure saw its margin decrease by 0.6 points. Optical Networks expanded 20% in constant currency terms, and IP Networks advanced 16%.
The composition is more significant than the overall sales increase. Quicker expansion in optical and IP segments can boost Nokia’s presence in data-center investments. This shift also lessens dependence on the more sluggish carrier radio expenditure.
Analysts keep a positive view. According to Google Finance, all five analysts who issued ratings in the past three months have a buy recommendation, with no hold or sell ratings. The mean price target stands at $17.89, representing an 89.6% premium to the most recent trading price.
| Analyst | Firm | Recommendation | Target | Latest action |
|---|---|---|---|---|
| Jim Kelleher | Argus Research | Buy | $15 | Reaffirmed July 23 |
| Tim Savageaux | Northland Securities | Buy | $20 | Reaffirmed July 24 |
| Christian Schwab | Craig-Hallum | Buy | $15 | Reaffirmed July 24 |
| Sandeep Deshpande | J.P. Morgan | Buy | $21 | Unchanged June 12 |
The target spread remains broad, and it was already in place before the most recent four-session decline. Deshpande identified the €2.8 billion AI and cloud order number as “the key number” in Nokia’s report, and noted the absence of any upgrade to operational guidance. Investing.com
Nokia maintains its forecast for comparable operating profit this year at €2.1 billion to €2.6 billion. The €100 million adjustment from its previous range is technical and relates to discontinued operations. The company’s management anticipates third-quarter sales to increase by 3% to 7% sequentially, with profit expected to remain broadly stable prior to a projected stronger fourth quarter.
Risks are still tangible. Shortages of memory and other parts could postpone deliveries or lead to higher expenses. Nokia is additionally set to incur €800 million in restructuring charges in 2026, and the timeline from orders to revenue could shift.
The upcoming metric is conversion. Projected AI and cloud income of around €1.4 billion within 12 months would be over triple the €446 million recorded in the most recent quarter. Falling short could put the substantial premium to analyst targets at risk.
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