Analyst Consensus ?
ConsensusHold53 ratings
Bullish3362.3%
Neutral1528.3%
Bearish59.4%
Nokia Oyj · NOK · FY2025 Q1 · Calendar Q2 2025
Nokia: Optical growth and Infinera remain central to the outlook
The quarter supports a mixed view: optical-network growth, strong free cash flow and the Infinera strategy provide evidence for demand and earnings resilience, but the settlement charge, acquisition execution and hyperscaler-spending risk leave the case unproven.
Reported Before market openNYSETechnology
$43.96B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.05
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.50B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-8.5%
Event window
SPY move
+2.1%
Same window
Abnormal move
-10.6%
Stock minus SPY
Volume
3.3×
Versus trailing sessions
Subsequent drift
+10.3%
Up to 20 sessions
NOKSPY benchmark
Ask FN2 about NOK FY2025 Q1
Transcript, numbers and history already loaded
What drove NOK's -8.5% move after FY2025 Q1 earnings?What changed in NOK's guidance and outlook in FY2025 Q1?Give me the bull and bear case for NOK after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest analysis shifts the focus from Nokia's prior-quarter confidence in network-infrastructure growth to execution: optical networks continued to grow, but a EUR 120 million settlement charge made the top end of operating-profit guidance more difficult, while Infinera added both strategic opportunity and near-term integration risk.
Guidance delta
2025 operating profit guidance was maintained, but management analysis indicates the settlement charge makes the top end harder to reach.
Key takeaways
- Network infrastructure sales grew 11% year over year, led by 15% growth in optical networks.
- Free cash flow exceeded EUR 700 million, while net cash remained EUR 3 billion after Infinera-related outflows.
- The Infinera acquisition is positioned as a key route into hyperscale and AI data-center demand, with EUR 200 million of synergies targeted over three years.
- Tariff exposure was characterized as modest, while supply-chain mitigation remains an execution focus.
Management priorities
- Integrate Infinera and pursue the targeted EUR 200 million of synergies.
- Invest approximately EUR 100 million annually in IP networking for hyperscale opportunities.
- Expand the hyperscale and AI data-center customer base, particularly in the United States.
- Balance efficiency and growth investments through capital allocation.
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Miss
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Analyst 52W Price Targets
$8.45Current
$4.84Low
$8.9Average
$20High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Rosenblatt | Buy | Buy | Maintain | Oct 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 23, 2026 |
| Argus Research | Buy | Hold | Upgrade | Apr 27, 2026 |
| Jefferies | Buy | Hold | Upgrade | Oct 28, 2025 |
| Craig-Hallum | Buy | Buy | Maintain | Jan 6, 2025 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Oct 18, 2024 |
| Goldman Sachs | Neutral | Neutral | Maintain | Dec 19, 2023 |
| Citigroup | Sell | Buy | Downgrade | Dec 15, 2023 |
| Raymond James | Outperform | Outperform | Maintain | Dec 13, 2023 |
| Credit Suisse | Outperform | Neutral | Upgrade | Sep 15, 2022 |
| Kepler Cheuvreux | Hold | Buy | Downgrade | Jul 22, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jul 30, 2021 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | May 7, 2021 |
| MKM Partners | Buy | Buy | Maintain | May 1, 2020 |
| New Street Research | Buy | Neutral | Upgrade | Jan 7, 2020 |
| Charter Equity | Buy | Market Perform | Upgrade | Jul 26, 2019 |
| BMO Capital | Outperform | Market Perform | Upgrade | Jan 4, 2019 |
| Canaccord Genuity | Buy | Hold | Upgrade | Oct 26, 2018 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Sep 19, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Feb 5, 2018 |
| B of A Securities | Buy | Neutral | Upgrade | Feb 5, 2018 |
| Natixis | Buy | Neutral | Upgrade | Jan 13, 2017 |
| CLSA | Underperform | Outperform | Downgrade | Oct 28, 2016 |
| Nordea Equity | Buy | Hold | Upgrade | Apr 8, 2016 |
| Nordea | Buy | Hold | Upgrade | Apr 8, 2016 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 21, 2015 |
| Danske Bank | Buy | Hold | Upgrade | Aug 26, 2015 |
| UBS | Buy | Neutral | Upgrade | May 8, 2015 |
| Evli Bank | Hold | Sell | Upgrade | May 4, 2015 |
| Oddo Securities | Buy | Neutral | Upgrade | Apr 22, 2015 |
| Bernstein | Outperform | Market Perform | Upgrade | Apr 22, 2015 |
| Barclays | Overweight | Equal Weight | Upgrade | Apr 22, 2015 |
| Swedbank | Neutral | Reduce | Upgrade | Apr 21, 2015 |
| Berenberg | Hold | Buy | Downgrade | Mar 13, 2015 |
| Societe Generale | Buy | Hold | Upgrade | Jan 24, 2014 |
| Carnegie | Buy | Hold | Upgrade | Jan 15, 2014 |
| S&P Capital IQ | Buy | Hold | Upgrade | Jan 14, 2014 |
| Santander | Underweight | Buy | Downgrade | Oct 22, 2013 |
| HSBC | Neutral | Underweight | Upgrade | Sep 23, 2013 |
| SEB Enskilda | Overweight | Market Weight | Upgrade | Sep 19, 2013 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Sep 11, 2013 |
| Oppenheimer | Perform | Underperform | Upgrade | Sep 3, 2013 |
| Northland Securities | Market Perform | Outperform | Downgrade | Sep 3, 2013 |
| Jyske Bank | Sell | Buy | Downgrade | Sep 3, 2013 |
| Baird | Neutral | Underperform | Upgrade | Sep 3, 2013 |
| Needham | Hold | Buy | Downgrade | Jul 18, 2013 |
| Nomura | Neutral | Neutral | Maintain | Apr 19, 2013 |
| Argus Capital | Buy | Hold | Upgrade | Feb 27, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | Jan 23, 2013 |
| Standpoint | Hold | Buy | Downgrade | Jan 23, 2013 |
| Wedbush | Neutral | Neutral | Maintain | Oct 18, 2012 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 23, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $8.44. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Rosenblatt Securities | Mike Genovese | $14 | $8.18 | +65.8% | Oct 23, 2026 |
| Northland Securities | Tim Savageaux | $20 | $17.13 | +136.8% | Jun 3, 2026 |
| Argus Research | Jim Kelleher | $15 | $10.46 | +77.6% | Apr 27, 2026 |
| Northland Securities | Analyst unavailable | $13 | $10.53 | +53.9% | Apr 20, 2026 |
| New Street | Analyst unavailable | $6.57 | $5.96 | -22.2% | Nov 20, 2025 |
| Northland Securities | Analyst unavailable | $8.5 | $7.77 | +0.7% | Oct 29, 2025 |
| Northland Securities | Analyst unavailable | $7.5 | $6.21 | -11.2% | Oct 24, 2025 |
| BNP Paribas | Jakob Bluestone | $5 | $4.38 | -40.8% | Sep 3, 2025 |
| Raymond James | Analyst unavailable | $7 | $5.12 | -17.1% | Jul 22, 2022 |
| Raymond James | Analyst unavailable | $6.75 | $4.9 | -20.1% | Apr 29, 2022 |
| Raymond James | Simon Leopold | $6.5 | $5.02 | -23.0% | Mar 14, 2022 |
| Citigroup | Andrew Gardiner | $5.44 | $6.08 | -35.6% | Jul 30, 2021 |
| Craig-Hallum | Christian Schwab | $8 | $6.08 | -5.3% | Jul 30, 2021 |
| BNP Paribas | Stefan Slowinski | $7.7 | $5.39 | -8.8% | Jul 5, 2021 |
| Goldman Sachs | Alexander Duval | $6.5 | $5.45 | -23.0% | Jun 25, 2021 |
| SEB Enskilda | Artem Beletski | $5 | $4.68 | -40.8% | Apr 30, 2021 |
| BlackRock | Achal Sultania | $4.84 | $4.68 | -42.7% | Apr 30, 2021 |
Track every rating change on NOK the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNokia Oyj stands as a global technology leader, delivering comprehensive network infrastructure and solutions across mobile, fixed, and cloud domains. Its operations are structured into four primary divisions: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. The Mobile Networks segment furnishes radio access network technologies, spanning from 2G to 5G, alongside crucial microwave radio links for transport. Within Network Infrastructure, Nokia provides fixed access solutions such as fiber and copper, coupled with cloud and virtualization services. This segment also encompasses a robust Wi-Fi portfolio, featuring mesh solutions and cloud-based controllers, as well as sophisticated IP routing solutions for aggregation, edge, and core applications tailored for residential, business, mobile, and industrial sectors.…
Historical context
All NOK earningsTechnology peers this season
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|---|---|---|---|---|
| INFY Infosys Limited | FY2027 Q2 · Calendar Q4 2026 | -4.8% | -6.6% | Infosys trims growth outlook as AI revenue and deal wins accelerate |
| SSNC SS&C Technologies Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | +2.8% | SS&C raises 2026 outlook as AI and tokenization support growth |
| ROP Roper Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1.7% | +9.7% | Roper raises DEPS outlook as AI adoption expands across portfolio |
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.0% | -0.9% | VeriSign reports record registrations as renewal mix becomes a key watchpoint |
| TTMI TTM Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +16.8% | -27.7% | TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk |
| WDC Western Digital Corporation | FY2027 Q1 · Calendar Q4 2026 | +12.9% | -6.4% | Western Digital pairs strong FY27 Q1 growth with an accelerated HDD roadmap |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the NOK recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-10T00:01:43.729046+00:00
- Polygon adjusted daily market bars · 2026-10-26T12:40:41.428888+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T12:40:41.426165+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.