HELSINKI, March 24, 2026, 20:46 EET
Nokia Oyj closed out Tuesday up 2.92% in Helsinki at 7.04 euros. Over in New York, its American depositary receipts picked up 1.86%, finishing at $8.21. Telecom names drove Europe’s move higher, the sector tacking on 2.5%, compared to a 0.4% lift in the STOXX 600.
Timing is crucial here—Nokia’s not bouncing off a soft patch anymore. Shares have climbed 26.35% this year. Investors now have their eyes on two dates: the annual general meeting scheduled for April 9, and first-quarter results coming April 23.
Nokia’s push into AI-driven networking is still in the spotlight. Just last week, the company rolled out a batch of new optical networking products targeting AI-era infrastructure, touting potential total cost of ownership savings up to 70%. “AI is fundamentally changing optical networks,” said Kyle Hollasch, lead analyst at Cignal AI. Nokia Corporation | Nokia
Momentum’s been gathering lately. Back on March 2, Reuters highlighted that Nokia’s expanded partnerships with TIM Brasil and Deutsche Telekom—following a Telefónica data-center networking deal in Spain—demonstrated how AI-driven upgrades are unlocking new revenue channels, not just for Nokia but also for Ericsson and other rivals.
Still, Nokia’s January forecast is front and center. The company is projecting 2026 adjusted operating profit between 2.0 billion and 2.5 billion euros, after notching a 3% increase in fourth-quarter net sales to 6.1 billion euros. Optical Networks stood out, surging 17%. CEO Justin Hotard described optical as a “critical component” for building out infrastructure to handle AI at scale. Nokia Corporation | Nokia
Pinned at 7.04 euros on Tuesday, Nokia still carries a Sell tag from Inderes analyst Atte Riikola, who hasn’t budged from his 5.20-euro target since March 18. That’s a clear indication some see the stock’s recent jump as outpacing what Nokia can realistically deliver soon.
The action wasn’t just about Nokia on Tuesday. Ericsson’s B shares in Stockholm climbed 2.14%—roughly matching Nokia’s own advance. That looks more like a sector-wide play than something unique to either company.
AI-driven demand can’t simply wipe away the old headwinds. On Tuesday, Reuters said Vietnam handed out some 5G contracts to Huawei and ZTE, while Nokia and Ericsson continue building the core of the country’s 5G network. The mix highlights how pricing, security, and geopolitics can still push orders beyond European suppliers.
Things could get murkier from this point. Nokia’s closed period kicked in on March 24, locking out insiders from trading ahead of earnings until April 23. That leaves shares moving on little more than the broader sector’s sentiment, contract news, and an unresolved back-and-forth over valuation.
