NEW YORK, January 1, 2026, 18:27 ET — Market closed
- Nokia’s U.S.-listed shares last closed down 0.6% at $6.47 on Dec. 31, with no U.S. session on New Year’s Day.
- A new operating model and segment reporting structure takes effect from Jan. 1, changing how investors will read results in 2026.
- Next catalyst is Nokia’s Q4 and full-year 2025 report on Jan. 29.
Nokia Oyj’s reporting overhaul took effect on Thursday as the Finnish telecom gear maker begins 2026 with a revamped operating model. With U.S. markets closed for the New Year’s holiday, Nokia’s U.S.-listed shares were last at $6.47, down 0.6% at the Dec. 31 close. 1
The timing matters because the next set of results investors receive will be framed around a new segment breakdown, changing the way margins and growth are assessed. Nokia has said it plans to publish recast financials for earlier years so the new segments can be compared on a like-for-like basis.
The first scheduled checkpoint is Nokia’s report for the fourth quarter and full year 2025 on Jan. 29. Nokia’s annual report is planned for the week starting March 2, and its annual general meeting is set for April 9, according to the company’s financial calendar. 2
In New York, Nokia trades as American Depositary Receipts, or ADRs — U.S.-listed certificates that represent foreign shares. The ADR has slipped about 1.7% over the last three sessions, ending 2025 at $6.47, and was little changed in late after-hours indications. 3
The broader market backdrop into year-end was cautious. The S&P 500 finished the final session of 2025 down 0.74% at 6,845.50. 4
Reuters reported holiday-shortened trading left liquidity thin, keeping price moves choppy into the close, and flagged the Federal Reserve’s policy path as a key macro swing factor for 2026. 5
In Europe, Nokia has been unwinding its Paris listing. Nokia said the last day of trading of its shares on Euronext Paris was Dec. 30, ahead of a delisting scheduled for Dec. 31, and it said any shares tendered into a voluntary sales facility would be sold on Nasdaq Helsinki starting Jan. 2. 6
Helsinki trading also reflected the holiday calendar. Nasdaq’s European schedule shows Helsinki was closed on Dec. 31, and Nokia’s Helsinki-listed shares last closed at 5.572 euros on Dec. 30. 7
Nokia has framed the overhaul as a bid to align around two primary operating segments: Network Infrastructure and Mobile Infrastructure. “Nokia changed the world once by connecting people — and will again by connecting intelligence,” Chief Executive Justin Hotard said, as the company outlined a 2028 comparable operating profit target of 2.7 billion to 3.2 billion euros and a plan for Network Infrastructure net sales growth of 6% to 8% a year on average over 2025–2028. 8
The reshuffle also sharpens Nokia’s competitive lanes. Mobile Infrastructure keeps it head-to-head with Ericsson in radio and core networks, while Network Infrastructure leaves it competing more directly with firms such as Cisco and Ciena in routing and optical gear.
Before the next session, traders will watch whether the Jan. 2 reopening brings back normal liquidity and resets momentum after the holiday lull. For Nokia, positioning may also be influenced by the shift in where the stock trades in Europe following the Paris exit.
Technical attention remains centered on the $6.50 area, with the ADR last closing just below it and recently touching lows around the mid-$6.40s. A sustained break either side of that band would likely need a fresh catalyst.
The next one on the calendar is the Jan. 29 results report, when investors are expected to focus on how the new segment framing affects growth and profitability narratives — and how Nokia tracks toward its longer-term targets in the parts of the business tied to data centers, AI-driven networks and operator spending cycles.
