Research · Nov 4, 2026
Network Equipment Vendors Shift Toward AI Cloud Builds
Ribbon and ADTRAN say big network vendors are shifting to AI cloud builds, leaving Tier 2 carriers underserved; Ribbon won two new US Tier 2 customers.
Research · Oct 29, 2026
Hardware Procurement Shifts Toward Prepayment and Multiyear Supply Deals
Ericsson and five hardware peers are prepaying, stockpiling, signing multiyear supply deals, or repricing as AI demand tightens memory supply.
Research · Sep 24, 2026
[NOK] Nokia: Q3 2026 earnings preview, can AI cloud orders beat optical supply limits
Nokia's Q2 2026 sales rose 9% at constant currency to EUR 4.8 billion as AI & Cloud orders hit EUR 2.8 billion; Q3 tests whether supply-limited optics convert them.
Research · Sep 3, 2026
[NOK] Nokia Thesis 2026: Network Infrastructure Recovery Tests Mobile Networks Margin
Nokia Corporation (NYSE: NOK) FY2025 revenue ~€20-22B (-3 to +5%) with adj. EPS ~€0.35-0.45 reflecting continued post-2024 Network Infrastructure (~€8-9B; +5-8%) + Cloud and Network Services (~€3-4B; +0-3%) recovery from FY2023-2024 mobile capex downturn plus continued post-October 2024 ~$2.3B Infinera acquisition closing (optical networking) plus selected post-2024 cost reduction program completion under continued CEO Pekka Lundmark (~5-year tenure since August 2020). Global telecommunications network equipment + services provider with operations across telecommunications network equipment + selected enterprise + technology licensing in 130+ countries. Founded May 1865 as Nokia Ab originally pulp mill in Tampere Finland (~160-year heritage; selected one of Finland's oldest continuing companies); selected post-1967 Nokia Corporation merger of Finnish Cable Works + Finnish Rubber Works + Nokia Ab into single conglomerate; selected post-1980s strategic shift toward telecommunications + electronics; selected post-2007 strategic NSN (Nokia Siemens Networks) joint venture; selected post-September 2013 ~$7.2B Microsoft Devices and Services divestiture; selected post-April 2016 ~$16.6B Alcatel-Lucent acquisition; selected post-October 2024 ~$2.3B Infinera acquisition closing. Headquartered in Espoo Finland; ~80,000+ employees globally with ~€20-22B revenue. Four primary business segments: Network Infrastructure ~40-45% revenue (~€8-9B — fiber + IP routing + optical post-October 2024 Infinera closing + fixed networks + submarine cable), Mobile Networks ~40-45% (~€8-9B — RAN equipment + 5G + selected various mobile network equipment for major operators globally), Cloud and Network Services ~15-18% (~€3-4B — cloud-native software + 5G core + service provider software + selected enterprise), Nokia Technologies ~5-6% (~€1.0-1.2B — patent licensing + selected various technology licensing). Network Infrastructure recovery: ~€8-9B FY2025 revenue (+5-8% YoY post-FY2023-2024 mobile capex downturn); fiber + Fixed Networks ~€2.5-3B + IP Routing ~€2-2.5B + Optical Networks ~€2.5-3B post-October 2024 Infinera $2.3B closing; FY2026 catalyst: continued AI data center optical networking demand. Mobile Networks margin: ~€8-9B FY2025 revenue (-3 to 0% YoY); selected mobile capex downturn FY2023-2024 stabilization; major US T-Mobile + AT&T + Verizon + Indian (Reliance Jio + Bharti Airtel + Vodafone Idea) + Asian + European RAN customers; ~5-7% adj. operating margin FY2025 (vs ~3-5% FY2023-2024 trough); FY2026 catalyst: ~7-10% adj. operating margin recovery. Cloud and Network Services + Nokia Technologies: cloud-native 5G core + service provider software ~€3-4B; Nokia Technologies ~€1.0-1.2B annual licensing revenue (~80%+ adj. operating margin) + selected post-2024 Apple multi-year licensing renewal. CEO Pekka Lundmark since August 2020 (succeeded Rajeev Suri CEO 2014-August 2020 retired; Lundmark ex-Fortum CEO 2015-2020 + ~30+-year industry career; selected post-2020 Nokia turnaround focus + post-2023 ~€500-800M aggregate cost reduction). Capital return: ~€0.14-0.16 annual dividend FY2025 (~+0-7% growth); ~€600M aggregate FY2024-2026 buyback program; ~€1.5-1.8B aggregate FY2025 capital return; investment-grade Ba1/BB+ credit rating; selected post-2024 net cash position ~€2-3B. FY2026 thesis: Network Infrastructure recovery + Mobile Networks margin recovery + Infinera integration + IPR licensing stability + ~€1.5-1.8B capital return. Risks: mobile capex cycle, AI data center hyperscaler optical demand sustainability, ~30%+ China + emerging market exposure, Infinera integration execution, EUR/USD currency.
Research · Apr 23, 2026
Nokia's First Quarter 2026 Earning Call Transcript
NOK earnings update — full details pending.
$8.22
−3.13%