Nokia Q3 Profit Beats Expectations as AI and Cloud Sales Surge

What drove Nokia's third quarter profit growth?

Comparable net sales increased 10% year over year to €5.15 billion, while sales to AI and cloud customers grew 123%. Orders from these customers increased 118% to €1.5 billion.

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Why does the result matter for Nokia investors?

Growing demand for AI data center connectivity is creating a stronger growth opportunity for Nokia's Network Infrastructure business. The company expects its combined Optical and IP Networks businesses to grow between 25% and 30% in 2027.

Did Nokia's reported operating profit also increase?

No. Reported operating profit fell 22% year over year to €196 million, while comparable operating profit increased 35% to €605 million. Accelerated restructuring and integration costs weighed on reported results.

Could the results support Nokia's stock?

The earnings beat and accelerating AI related sales could strengthen the investment case by demonstrating growth and improved comparable operating margins. However, the share price also depends on valuation, expectations for future growth and the company's ability to convert demand into sustainable cash flow.

Did Nokia raise its 2026 profit guidance?

No. Nokia maintained its full year comparable operating profit outlook of €2.1 billion to €2.6 billion. It expects a strong fourth quarter, but the forecast remains subject to execution risks and other uncertainties.