Equity Profile

NOK

Nokia Oyj

Information TechnologyCommunications Equipment$65.8B

Jul23Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Nokia Oyj (NOK) is a technology company that provides communications equipment and services. It plays a crucial role in the telecommunications sector, focusing on network infrastructure and technology solutions, which are essential as the world increasingly relies on connectivity and digital communication.

Key Metrics to Watch

Network Infrastructure Revenue

This metric is vital as it reflects demand for Nokia's core products and services, especially in the context of 5G deployment.

N/A

Operating Margin

Operating margin indicates how efficiently Nokia is managing its costs relative to its revenues, which is crucial for profitability.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NOK Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-16.72%

Avg Stock Reaction

+0.38%

Last Quarter Recap

In Q1 2026, Nokia reported an earnings per share (EPS) of $0.02, missing expectations by nearly 60%. Despite this miss, the stock rose by 4.77% the following day, indicating some investor optimism.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Nokia's upcoming earnings report, especially given the recent volatility in its stock price. The company has shown a mixed performance in previous quarters, leading to uncertainty about its future direction.

Bull Case

If Nokia can demonstrate strong growth in network infrastructure and improve its operating margins, it could signal a robust recovery and increased investor confidence.

Bear Case

Conversely, if the company continues to miss earnings expectations and fails to show significant revenue growth, it may face further stock price declines.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the growth rate in network infrastructure revenue this quarter?

This figure will be critical in assessing Nokia's competitive position in the telecommunications market and its ability to capitalize on 5G opportunities.

How has the operating margin changed compared to previous quarters?

Changes in operating margin will provide insight into Nokia's cost management and overall profitability, which are key for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Nokia's potential for recovery in network infrastructure, particularly as demand for 5G technology continues to grow.

Supporting Evidence

The options market suggests a 17% move, indicating that traders expect significant volatility, which could imply higher expectations than reflected in current stock prices.

Nokia's recent stock performance following earnings misses indicates that investors may be willing to overlook short-term setbacks if long-term growth prospects remain intact.

Key Risk

If network infrastructure revenue shows unexpected growth, it could challenge the current cautious sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Nokia's ability to grow revenue while managing costs effectively in a competitive landscape.

Bull Confirmed If

A network infrastructure revenue growth rate of over 10% year-over-year would confirm the bull case.

Bear Confirmed If

If operating margins decline below 10%, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±17.0%

Historical Avg

±6.0%

Pricing rich

The options market is pricing in a significant potential move, suggesting that traders expect notable volatility around the earnings announcement.

Options are pricing ±17.0% while NOK has averaged ±6.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.8%

30d HV

74.7%

Calls (30.1M)P/C Ratio: 0.22Puts (7.6M)

Edge

Historical Setup Match

Cross-company pattern from 29 similar setups.

Prior-quarter miss + options pricing rich setup in Information Technology

n=29

Fade rate: 9 of 29 (31%)

This setup has occurred 29 times across Information Technology in the last 2 years. 20 of 29 (69%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 8.2%, with a raw directional average of +3.5% (modestly positive historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Nokia beats expectations, history suggests the stock could rise by around 3.36%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may experience a muted reaction as investors reassess future growth.

Miss

If Nokia misses expectations again, history indicates a potential decline of about 2.60%, raising concerns about its growth trajectory.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on 5G deployment and its impact on revenue.
2Details on cost management strategies and their effect on operating margins.
3Insights into subscriber growth and retention rates.
4Commentary on competitive pressures in the telecommunications market.
5Any new partnerships or contracts that could drive future growth.

See the full picture

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Company Snapshot

Key Metrics to Watch

Network Infrastructure Revenue

This metric is vital as it reflects demand for Nokia's core products and services, especially in the context of 5G deployment.

N/A

Operating Margin

Operating margin indicates how efficiently Nokia is managing its costs relative to its revenues, which is crucial for profitability.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NOK Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

-16.72%

Avg Stock Reaction

+0.38%

Last Quarter Recap

In Q1 2026, Nokia reported an earnings per share (EPS) of $0.02, missing expectations by nearly 60%. Despite this miss, the stock rose by 4.77% the following day, indicating some investor optimism.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Nokia can demonstrate strong growth in network infrastructure and improve its operating margins, it could signal a robust recovery and increased investor confidence.

Bear Case

Conversely, if the company continues to miss earnings expectations and fails to show significant revenue growth, it may face further stock price declines.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the growth rate in network infrastructure revenue this quarter?

This figure will be critical in assessing Nokia's competitive position in the telecommunications market and its ability to capitalize on 5G opportunities.

How has the operating margin changed compared to previous quarters?

Changes in operating margin will provide insight into Nokia's cost management and overall profitability, which are key for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Nokia's potential for recovery in network infrastructure, particularly as demand for 5G technology continues to grow.

Supporting Evidence

The options market suggests a 17% move, indicating that traders expect significant volatility, which could imply higher expectations than reflected in current stock prices.

Nokia's recent stock performance following earnings misses indicates that investors may be willing to overlook short-term setbacks if long-term growth prospects remain intact.

Key Risk

If network infrastructure revenue shows unexpected growth, it could challenge the current cautious sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Nokia's ability to grow revenue while managing costs effectively in a competitive landscape.

Bull Confirmed If

A network infrastructure revenue growth rate of over 10% year-over-year would confirm the bull case.

Bear Confirmed If

If operating margins decline below 10%, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±17.0%

Historical Avg

±6.0%

Pricing rich

The options market is pricing in a significant potential move, suggesting that traders expect notable volatility around the earnings announcement.

Options are pricing ±17.0% while NOK has averaged ±6.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.8%

30d HV

74.7%

Calls (30.1M)P/C Ratio: 0.22Puts (7.6M)

Edge

Historical Setup Match

Cross-company pattern from 29 similar setups.

Prior-quarter miss + options pricing rich setup in Information Technology

n=29

Fade rate: 9 of 29 (31%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Nokia beats expectations, history suggests the stock could rise by around 3.36%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may experience a muted reaction as investors reassess future growth.

Miss

If Nokia misses expectations again, history indicates a potential decline of about 2.60%, raising concerns about its growth trajectory.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on 5G deployment and its impact on revenue.
2Details on cost management strategies and their effect on operating margins.
3Insights into subscriber growth and retention rates.
4Commentary on competitive pressures in the telecommunications market.
5Any new partnerships or contracts that could drive future growth.