HELSINKI, June 7, 2026, 16:03 EEST
- Nokia closed down 5.87% at 13.08 euros in Helsinki on Friday, but the stock held a 4.72% gain for the week.
- The company sold 500 million euros in senior unsecured notes. It plans to use some of the money to refinance debt coming due in 2028.
- Next up for investors are Nokia’s London investor meetings on June 10. The company then enters a closed-window period on June 23 ahead of July results.
Nokia shares slipped on Friday, capping a choppy day, but the stock still closed the week with gains. Investors looked past a steep drop in AI-related names, with attention turning to new debt refinancing and a busy schedule on tap for the Finnish network gear maker.
Nasdaq Helsinki was shut Sunday. Nokia shares last changed hands Friday at 13.08 euros, off 5.87% for the session. The stock reached 14.80 euros on Wednesday but was still up 4.72% over the last five days, according to MarketScreener data.
Nokia’s recent rally is putting pressure on investors to decide if there’s a real change happening in the company’s business or if it’s just more AI infrastructure hype. The OMX Helsinki 25 index, which tracks 25 top Helsinki stocks, dropped 1.12% to 6,471.52 on Friday. In New York, Nokia’s U.S.-listed ADRs fell 13.48% to $14.38, while the Nasdaq Composite lost 4.18%.
Nokia on Friday said it raised 500 million euros by issuing senior unsecured notes under its euro medium-term note program. This is new debt, not tied to company assets. The notes carry a fixed 3.625% coupon and mature June 5, 2032.
Nokia plans to use the net proceeds for general corporate purposes, with part going to refinance its 500 million euro 3.125% notes that mature in May 2028. It was the clearest detail investors received after a week when the stock moved more on positioning and AI sector flows than any hard operating news.
Wall Street’s nine-week rally ran out of steam by Friday, with the tape turning lower at the close. Reuters said a solid U.S. jobs report triggered new worries about the Fed staying hawkish, putting the biggest pressure on tech names. The Nasdaq posted its largest one-day percentage drop since April 2025.
Nokia’s rivals were mixed. Ericsson shares in Stockholm slid 2.58% on Friday, but gained 0.75% over five days, according to MarketScreener. That was less volatile than Nokia’s late-week move. Ciena, which focuses more on optical networking, reported fiscal Q2 revenue of $1.57 billion, up 40% from a year ago. But the stock still fell after earnings as the market had already priced in strong AI bandwidth demand.
Nokia picked up a price target bump at Northland, where analyst Tim Savageaux lifted his target to $20 from $13 and kept his Outperform call. Savageaux said comments from Nvidia’s CEO, HPE’s AI data-center numbers and Alphabet’s capital spending should help the sector. The note pointed to faster near-term AI optical demand and a longer cycle ahead.
Nokia’s April numbers are still the main upside. In the first quarter, the company posted a 54% jump in comparable operating profit to 281 million euros. Net sales from AI and cloud customers climbed 49% and made up 8% of total sales. CEO Justin Hotard said at the time that Nokia was “tracking somewhat above the mid-point” of its full-year comparable operating profit outlook, which is set at 2.0 billion to 2.5 billion euros. Nokia Corporation | Nokia
Hotard is pitching the shortage as one of pipes, not only chips. “The issue today is Europe doesn’t have the infrastructure,” he told Reuters in April. He cautioned that AI data centres in Europe need both the right links and enough space if they want to catch up to the U.S. and China. Reuters
Trade in Nokia shares may be running ahead of results. The company has flagged issues like strong competition, shifts in customer spending, component costs, supply chain trouble, tariffs, currency moves and rising rates as risks for its outlook. AI contracts could take a while to show up in revenue, and extra costs or delays might pinch margins before growth arrives.
Nokia’s management will try to calm nerves this week at the Bank of America Global Research C-Suite TMT Conference in London on June 10. Chief Financial Officer Marco Wirén, head of investor relations David Mulholland, and IR director Paula Ormsby-Draper are set to meet with investors. Nokia next reports results on July 23. The Q2 closed window starts June 23.
