New York, June 16, 2026, 09:55 EDT
- Nokia’s U.S. ADR traded down in the morning, easing off after a strong AI-fueled rally.
- This looks like traders taking profit and some caution on valuation, not a new warning from the company.
- Nokia’s next big event is its Q2 and half-year 2026 results, set for July 23.
Nokia Oyj’s U.S. ADR dropped to near $14.50 Tuesday morning, off about 2.2% from its previous close. Shares traded between $14.35 and $15.01. Nokia’s market cap sat around $80 billion, with a 52-week high at $17.45. Reuters quoted the stock in Helsinki at €12.44 on June 15, down 4.05%. The decline showed up in the main European listing as well.
Nokia hasn’t put out a new earnings update or profit warning in the past two days. The company’s stock-exchange releases show the latest items were a share transfer on June 9 and a €500 million senior unsecured notes issue on June 5. Nokia Corporation | Nokia The drop looks like traders pulling back after a sharp AI-driven run, with some profit-taking and a look at whether the recent growth is already in the share price.
Nokia’s rally has been about earnings. In April, the company posted Q1 comparable operating profit of €281 million, a 54% increase over last year. “Comparable” strips out certain items to focus on the underlying business. AI and cloud sales rose 49%, and Nokia reported €1 billion in AI and cloud orders for the quarter. CEO Justin Hotard said, “We are increasing our growth assumption for Optical and IP Networks and we are investing to capture accelerating demand from AI & Cloud customers.” Nokia Corporation | Nokia That earnings beat drove Nokia shares to their best mark in 16 years, Reuters said. Reuters
The bullish view is that Nokia isn’t just a telecom gear supplier anymore. The company says demand from AI data centers is driving growth in high-speed optical and IP networking. Nokia sees its AI and cloud market expanding at a 27% CAGR from 2025 through 2028. It’s also guiding for Network Infrastructure sales to rise 12% to 14% in 2026, with Optical and IP Networks together growing 18% to 20%. Nokia Corporation | Nokia Bears push back that expectations ramped up fast. Fixed Networks sales sank 13% in Q1, Nokia plans €900 million to €1 billion in capex this year, and management still points to risks like heavier competition, changes in customer spending, semiconductor costs, and roadmap execution.
Nokia’s next big event is the Q2 and first-half 2026 results out July 23. Nokia Corporation | Nokia Investors will be looking for Q2 sales to come in with the company’s forecasted 5% to 9% sequential growth, and to see if Q2 comparable operating profit falls in Nokia’s guided 12% to 16% share of the full-year number. Nokia Corporation | Nokia The stock still looks more risky than cheap right now: yes, AI is in the mix, but after a sharp rerating, fresh proof is needed that AI and cloud orders are enough to cover old-line drops and back up the market’s optimism.
