Nokia (NYSE: NOK) closed Tuesday’s session at $8.93, down 3.30% on the day, extending a punishing stretch that has now wiped out roughly a third of the stock’s value in under two weeks. The stock opened at $9.05, briefly touched $9.07, then sold off hard to $8.60 before grinding sideways for the rest of the session — a pattern one trading desk described as “classic no strong dip buyers” behavior. Volume came in at 107.8 million shares, slightly below the 30-day average of 112.5 million.
Pre-market trading Wednesday showed a modest bounce, with shares up 1.74% to $9.06 as of 5:52 AM ET.
The scale of the slide is notable. As recently as mid-July, Nokia’s ADRs were closing in the $12–$13 range. The stock has since bled lower almost every day. Making the drop sharper: this isn’t a case of Nokia getting caught in a broader selloff. On multiple sessions in late July, Nokia fell 2% to 5% even as the broader European ADR market rose, and on June 29 the stock slid 2.8% during a generally rising session — the kind of stock-specific weakness that traders read as targeted institutional selling rather than macro drag. Timothy SykesTimothy Sykes
What’s driving it isn’t a bad quarter on paper. Nokia reported Q2 2026 results on July 23, and the headline numbers actually beat expectations. Adjusted EPS came in at $0.08, roughly 33% ahead of the $0.06 analyst estimate, on revenue of $5.51 billion, which missed forecasts by about 1.4%. Net sales grew 9% year-over-year, gross margin expanded 70 basis points to 46%, and operating margin rose 70 basis points to 9%. The AI and Cloud segment — the part of the story Nokia has been leaning on hardest — more than doubled year-on-year to €446 million in net sales, with order intake growing to €2.8 billion. CNN
The problem sits below those headline numbers. Nokia booked €390 million in restructuring charges in the quarter alone, which pushed reported operating profit into a €50 million loss on a GAAP basis. Free cash flow came in negative at €732 million, and the company still faces supply chain constraints in memory chips and indium phosphide wafers that are limiting how much of that AI and Cloud demand it can actually fill. Nokia expects around €800 million in total restructuring charges for 2026, and executives flagged that third-quarter mobile margins will likely dip before improving later in the year. StocksToTrade
One analyst framed the disconnect bluntly: strong revenue growth and AI order momentum are real, but they’re being delivered alongside GAAP losses and negative cash flow — a combination the market has been punishing rather than rewarding this earnings season, particularly for a stock already trading at a rich price-to-earnings multiple near 46. Investing.com
On the strategic side, Nokia is trying to address its supply bottleneck directly. Beyond ramping a new San Jose fab in Q4, the company announced an agreement to acquire NXP’s Chandler, Arizona fabrication campus, aimed at securing domestic U.S. indium phosphide manufacturing capacity — a move that reads as much geopolitical hedge as capacity fix, given rising scrutiny on where AI hardware components get made. StocksToTrade
Wall Street’s read on the stock is split. Deutsche Bank trimmed its price target to €11.50 from €13.50 while keeping a Buy rating; BofA moved the opposite direction, raising its target to $18.50 and maintaining Buy; Barclays remains at Sell. The average 12-month analyst target sits around $15, which — if the stock’s current price holds — implies significant potential upside, but that gap also reflects just how far and fast NOK has fallen from where those targets were set.
Nokia’s next scheduled earnings report is October 22, 2026. The company also declared a $0.046 cash dividend with an ex-date of July 28.
