Equity Profile

NOK

Nokia Oyj

Information TechnologyCommunications Equipment$65.8B

Jul23Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Nokia Oyj is a technology company that specializes in communications equipment, playing a crucial role in the global telecommunications infrastructure. As the demand for 5G technology and network solutions continues to grow, Nokia's innovations are increasingly significant in shaping the future of connectivity.

Key Metrics to Watch

5G Network Revenue

This metric is vital as it reflects Nokia's position in the rapidly expanding 5G market, which is a key growth driver.

N/A

Gross Margin

A strong gross margin indicates efficient cost management and pricing power, essential for sustaining 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, falling short of the expected $0.06, resulting in a significant surprise of -59.63%. Following the announcement, the stock rose by 4.77% the next day, indicating some investor optimism despite the miss.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, analysts are cautious heading into this earnings report, particularly after the recent trend of earnings misses. Investors are looking for signs of recovery in revenue and profitability.

Bull Case

If Nokia can demonstrate strong growth in 5G network revenue and improved margins, it could signal a turnaround, leading to increased investor confidence and stock appreciation.

Bear Case

Conversely, if the company continues to miss earnings expectations and fails to show improvement in key metrics, it could lead to further declines in stock price and investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the growth rate of 5G network revenue compared to last year?

This figure will be crucial in assessing Nokia's competitive position in the 5G market and overall growth trajectory.

How has gross margin changed in this quarter?

Changes in gross margin will indicate how well Nokia is managing costs and pricing in a competitive environment.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Nokia's potential for a strong recovery in 5G revenue, given the increasing global demand for 5G infrastructure.

Supporting Evidence

Options are pricing a 17% move, which is significantly higher than the historical average of 5.97%.

The recent stock price increase following a disappointing earnings report suggests underlying investor optimism.

Nokia's strategic investments in 5G technology could yield better-than-expected results.

Key Risk

If 5G revenue growth exceeds 20%, it could shift market sentiment significantly.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around Nokia's ability to capitalize on the growing 5G market while maintaining profitability.

Bull Confirmed If

A growth rate of 5G network revenue exceeding 20% year-over-year would confirm the bull case.

Bear Confirmed If

If gross margin falls below 30%, it would validate 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 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 and raises guidance, history suggests the stock could rise by around 3.36%, confirming a positive outlook.

In-Line / Cautious

An in-line report with cautious management commentary may lead to a muted reaction, as investors digest the implications.

Miss

If Nokia misses expectations again, history suggests a potential drop of about 2.60%, raising concerns about its growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on 5G network deployment timelines and customer acquisition.
2Details on cost management strategies and their impact on gross margins.
3Insights into competitive positioning against other telecom equipment providers.
4Comments on global demand trends for telecommunications infrastructure.
5Management's outlook on future revenue growth and investment plans.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

5G Network Revenue

This metric is vital as it reflects Nokia's position in the rapidly expanding 5G market, which is a key growth driver.

N/A

Gross Margin

A strong gross margin indicates efficient cost management and pricing power, essential for sustaining 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

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, analysts are cautious heading into this earnings report, particularly after the recent trend of earnings misses. Investors are looking for signs of recovery in revenue and profitability.

Bull Case

If Nokia can demonstrate strong growth in 5G network revenue and improved margins, it could signal a turnaround, leading to increased investor confidence and stock appreciation.

Bear Case

Conversely, if the company continues to miss earnings expectations and fails to show improvement in key metrics, it could lead to further declines in stock price and investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the growth rate of 5G network revenue compared to last year?

This figure will be crucial in assessing Nokia's competitive position in the 5G market and overall growth trajectory.

How has gross margin changed in this quarter?

Changes in gross margin will indicate how well Nokia is managing costs and pricing in a competitive environment.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Nokia's potential for a strong recovery in 5G revenue, given the increasing global demand for 5G infrastructure.

Supporting Evidence

Options are pricing a 17% move, which is significantly higher than the historical average of 5.97%.

The recent stock price increase following a disappointing earnings report suggests underlying investor optimism.

Nokia's strategic investments in 5G technology could yield better-than-expected results.

Key Risk

If 5G revenue growth exceeds 20%, it could shift market sentiment significantly.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around Nokia's ability to capitalize on the growing 5G market while maintaining profitability.

Bull Confirmed If

A growth rate of 5G network revenue exceeding 20% year-over-year would confirm the bull case.

Bear Confirmed If

If gross margin falls below 30%, it would validate 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 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 and raises guidance, history suggests the stock could rise by around 3.36%, confirming a positive outlook.

In-Line / Cautious

An in-line report with cautious management commentary may lead to a muted reaction, as investors digest the implications.

Miss

If Nokia misses expectations again, history suggests a potential drop of about 2.60%, raising concerns about its growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on 5G network deployment timelines and customer acquisition.
2Details on cost management strategies and their impact on gross margins.
3Insights into competitive positioning against other telecom equipment providers.
4Comments on global demand trends for telecommunications infrastructure.
5Management's outlook on future revenue growth and investment plans.