Espoo, Finland, April 21, 2026, 21:33 (EEST)
Nokia is set to report first-quarter results this Thursday, with analysts expecting adjusted operating profit to come in at 253 million euros on revenue of 4.56 billion euros. Investors are zeroed in on whether the Finnish telecom equipment firm’s foray into AI and data-center technology will manage to kickstart growth. Results are slated for release at about 8 a.m. Finnish time on April 23.
Nokia is rolling out its first quarterly results under a new structure, giving investors an updated look at three operating segments and business-unit sales for both Network Infrastructure and Mobile Infrastructure. The company, which in January guided for a 2026 comparable operating profit of 2.0 billion to 2.5 billion euros, had already warned that first-quarter sales would likely fall more than the typical seasonal slowdown after a robust Q4.
Consensus on Tuesday had adjusted EPS at 0.04 euro, just above the 0.03 euro from a year earlier. Adjusted operating profit? Forecasters are looking for about a 62% leap from Nokia’s first-quarter 2025 figure of 156 million euros. Sales expected to inch up nearly 4%, compared to 4.39 billion euros, after last year’s result took a hit from a one-off Mobile Networks settlement charge.
Nokia has sharpened its AI network push lately. March saw Reuters flagging new tie-ups with TIM Brasil and Deutsche Telekom. Fast forward to last week: Nokia and Orange announced an AI-RAN effort with Nvidia—bringing artificial intelligence right into radio access hardware, where phones link up with towers. All this follows Nokia’s Infinera acquisition and Nvidia’s $1 billion equity injection last year, underscoring both firms’ ambitions in the AI infrastructure surge.
Nokia’s been pushing to broaden its portfolio. In a release last week, the company said Finnish operator Cinia is turning to Nokia’s DDoS protection to help secure critical infrastructure. “Mission-critical networks” are the focus, according to Jeff Smith, who heads Nokia Deepfield as VP and GM. 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 pitch. Thursday, investors zero in on Nokia’s optical, IP, and cloud segments for some real proof. In January, Nokia credited AI and cloud demand for a 17% surge in Optical Networks sales during the fourth quarter. Nokia Corporation | Nokia
The near-term picture looks murky. Ericsson, Nokia’s main Western rival, missed first-quarter core profit estimates on Friday. Higher chip costs—fueled by AI needs—and a sluggish North American business weighed. Ericsson CFO Lars Sandström told Reuters the sector may need to “share the burden” with customers. J.P. Morgan called the quarter “soft to in-line,” warning Nokia could run into the same North American challenges. Reuters
Nokia has been flagging similar issues for a while—its January outlook pointed to unpredictable network spending from customers and swings in chip costs as major concerns. Even so, management stuck to their profit forecast for 2026, keeping it in the 2.0 to 2.5 billion euro band. J.P. Morgan’s Sandeep Deshpande kept his Buy rating on the stock Tuesday and maintained his 6.90 euro target, according to MarketScreener.
Nokia on Tuesday transferred 121,013 treasury shares to participants in its equity incentive plans, a modest move. After the transaction, the company still holds 133,328,622 shares in treasury, according to its filing with the stock exchange.
Nokia’s U.S. ADRs dropped about 1.2% to $10.47 by 1819 UTC Tuesday. Investors are eyeing Thursday’s results, weighing if AI, optical, and software growth will offset uneven carrier spending, particularly in North America.
