Helsinki, May 31, 2026, 13:25 (EEST)
- Nokia shares in Helsinki dropped 6.27% Friday to 12.49 euros. The OMX Helsinki 25 index slid 0.62%.
- Nokia’s U.S. ADRs ended the session 2.88% lower at $14.84, continuing to drop after touching a 52-week high earlier this week.
- Investors will hear from the company at the Bank of America Global Technology Conference on June 2. Nokia’s next results are set for July 23.
Nokia goes into Monday facing doubts over its AI stock gains after shares slid 6.27% to 12.49 euros on Friday, a steeper fall than the OMX Helsinki 25’s 0.62% drop. Markets in Helsinki are shut for the weekend. The Finnish network-equipment maker lost around 5.8% for the week, using Friday closes.
Nokia’s share price is now mostly built on bets for AI-driven demand in data centers needing optical networks — fiber systems that carry large data volumes — and less on old telecom carrier spending. In April, Nokia said its comparable operating profit for Q1 was up 54% to 281 million euros and sales to AI and cloud customers jumped 49%. That pushed shares to their highest level since 2010.
Monday’s open is shaping up as a test for Nokia. Shares jumped 5.89% Tuesday in Helsinki, but then Nokia fell for the rest of the week, down three sessions in a row, market data shows. Selling late in the week hit even though European stocks finished May higher, making Nokia’s slide appear to be tied more to the company than the broader index.
Nokia’s American depositary receipt ended Friday down 2.88% at $14.84 in New York trading. According to MarketWatch, that’s the third straight session the ADR has dropped. It now sits 10.74% under the 52-week high of $16.63 hit on May 26.
Network stocks traded mixed. Ericsson’s U.S. ADR added 2.59% Friday and Ciena finished up 1.86%, market data show. Investors will watch Monday to see if the move in Nokia was just a break in a hot streak or a sign that the rally has gone too far.
European shares gave a mixed signal. The STOXX 600 inched higher on Friday, finishing May up 2.5%. But Reuters said ongoing geopolitical risks and inflation made investors wary. “The market’s patience may be tested” if a Middle East deal is not reached by early June, XTB’s Kathleen Brooks told Reuters. Reuters
Nokia is still counting on orders to drive its results. Chief Executive Justin Hotard said in April the firm was “tracking somewhat above the mid-point” of its 2026 comparable operating profit outlook, set at 2.0 billion to 2.5 billion euros. Nokia reported AI and cloud orders hit 1 billion euros in the first quarter.
Nokia has worked to keep its story moving. On May 21, it opened an AI Networking Innovation Lab in Sunnyvale, California. Partners in the new lab include AMD, Keysight, Lenovo, Nscale and Supermicro. Ram Periakaruppan, Keysight vice president, said the lab lets them “benchmark and optimize AI networks under real-world conditions.” Nokia Corporation | Nokia
Manager Victoria Hanrahan bought 44,682 NYSE-listed shares over May 26 and May 28, a Sunday filing said. The average price, volume-weighted, was $15.8117. Hanrahan is listed as “other senior manager.” EU rules require companies to file these disclosures. Nokia Corporation | Nokia
Risks are clear. AI orders could slow or fail to balance out weaker demand from older telecom areas. Nokia reported a 13% drop in Fixed Networks sales in the first quarter when adjusted for constant currency, removing FX moves. AI-linked stocks are priced high, and slower cloud capex or extra pressure on European equities could limit any margin for error.
Nokia has an investor update coming up before its next earnings report. The company’s investor relations chief David Mulholland is set to meet investors at the Bank of America Global Technology Conference in San Francisco on June 2. Results for the second quarter and half year are expected July 23.
