Equity Profile

NOK

Nokia Oyj

Information TechnologyCommunications Equipment$78.4B

Jul23Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Nokia Oyj is a technology company that specializes in communications equipment. With a market cap of $86 billion, it plays a crucial role in the telecommunications sector, focusing on areas like 5G networks and digital transformation, which are increasingly important as global connectivity expands.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well Nokia is managing costs and generating revenue.

N/A

Revenue Growth

Revenue growth is essential to gauge the company's performance in a competitive market, especially in the context of new technology deployments.

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 EPS of $0.02, which was significantly below the expected $0.06, resulting in a 4.77% increase in stock the following day. This marked another quarter of mixed results, highlighting ongoing challenges in meeting analyst expectations.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, analysts are cautious ahead of Nokia's earnings report, given the company's recent performance and the competitive landscape in telecommunications. Investors will be looking for signs of recovery or growth in key areas.

Bull Case

If Nokia can show strong revenue growth and positive EPS, it may signal a turnaround in its business performance, leading to increased investor confidence.

Bear Case

Conversely, if the company fails to meet expectations again, it could raise concerns about its ability to compete effectively, leading to further stock declines.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current status of Nokia's 5G deployment and revenue contribution?

This will provide insight into how well Nokia is capitalizing on the growing demand for 5G technology, which is crucial for its future growth.

How does management plan to address recent EPS misses and improve profitability?

Understanding their strategy will help investors gauge the company's ability to recover and meet future expectations.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Nokia's potential for a turnaround, as recent investments in 5G and digital transformation could yield better-than-expected results.

Supporting Evidence

Options are pricing a 17% move, indicating expectations of volatility that may not align with actual performance.

The average 1-day move after a beat is +3.36%, suggesting that positive surprises could lead to significant gains.

Nokia's recent focus on cost management and efficiency improvements may not be fully reflected in current analyst expectations.

Key Risk

If 5G deployment updates indicate stronger than anticipated demand, it could shift market sentiment dramatically.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it follows a series of misses, and investors are keen to see if Nokia can turn the tide.

Bull Confirmed If

Demonstrating revenue growth of at least 10% YoY, alongside a positive EPS, would confirm the bull case.

Bear Confirmed If

An EPS below $0.01 or stagnant revenue growth 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 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 a potential stock increase of around 3.36%, confirming a positive outlook.

In-Line / Cautious

A cautious in-line report may lead to muted reactions, as the market weighs the implications of management's commentary.

Miss

If Nokia misses again, history suggests a decline of approximately 2.60%, raising further concerns about its competitive position.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on 5G deployment timelines and revenue contributions.
2Management's strategy for addressing recent EPS misses.
3Any commentary on competitive positioning in the telecommunications market.
4Insights into cost management efforts and their impact on profitability.
5Future guidance on revenue expectations for the next quarter.

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

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well Nokia is managing costs and generating revenue.

N/A

Revenue Growth

Revenue growth is essential to gauge the company's performance in a competitive market, especially in the context of new technology deployments.

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

Bull Case

If Nokia can show strong revenue growth and positive EPS, it may signal a turnaround in its business performance, leading to increased investor confidence.

Bear Case

Conversely, if the company fails to meet expectations again, it could raise concerns about its ability to compete effectively, leading to further stock declines.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current status of Nokia's 5G deployment and revenue contribution?

This will provide insight into how well Nokia is capitalizing on the growing demand for 5G technology, which is crucial for its future growth.

How does management plan to address recent EPS misses and improve profitability?

Understanding their strategy will help investors gauge the company's ability to recover and meet future expectations.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Nokia's potential for a turnaround, as recent investments in 5G and digital transformation could yield better-than-expected results.

Supporting Evidence

Options are pricing a 17% move, indicating expectations of volatility that may not align with actual performance.

The average 1-day move after a beat is +3.36%, suggesting that positive surprises could lead to significant gains.

Nokia's recent focus on cost management and efficiency improvements may not be fully reflected in current analyst expectations.

Key Risk

If 5G deployment updates indicate stronger than anticipated demand, it could shift market sentiment dramatically.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it follows a series of misses, and investors are keen to see if Nokia can turn the tide.

Bull Confirmed If

Demonstrating revenue growth of at least 10% YoY, alongside a positive EPS, would confirm the bull case.

Bear Confirmed If

An EPS below $0.01 or stagnant revenue growth 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 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 a potential stock increase of around 3.36%, confirming a positive outlook.

In-Line / Cautious

A cautious in-line report may lead to muted reactions, as the market weighs the implications of management's commentary.

Miss

If Nokia misses again, history suggests a decline of approximately 2.60%, raising further concerns about its competitive position.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on 5G deployment timelines and revenue contributions.
2Management's strategy for addressing recent EPS misses.
3Any commentary on competitive positioning in the telecommunications market.
4Insights into cost management efforts and their impact on profitability.
5Future guidance on revenue expectations for the next quarter.