Loading...
•
Jun 30
•/
Nokia Q2 2025 Earnings Report
Delivered modest revenue growth but faced currency headwinds and lower profitability compared to last year.
Key Takeaways
Nokia reported stable revenue growth driven by Network Infrastructure and Cloud Services, but profitability declined due to currency impacts, tariffs, and weaker Mobile Networks performance.
Revenue grew 2% to €4.55B, driven by Network Infrastructure and Cloud and Network Services.
Net income turned positive at €96M versus a €142M loss last year.
Comparable operating margin declined to 6.6% due to venture fund losses and currency headwinds.
Free cash flow was slightly positive at €100M and net cash balance stood at €2.9B.
Nokia
Nokia
Nokia Revenue by Segment
Nokia Revenue by Geographic Location
Revenue by Segment
Network Infrastructure Revenue
CapyFin.comMobile Networks Revenue
CapyFin.comCloud & Network Services Revenue
CapyFin.comNokia Technologies Revenue
CapyFin.comGroup Common & Other Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comAPAC Revenue
CapyFin.comEMEA Revenue
CapyFin.com Forward Guidance
Full-year comparable operating profit outlook lowered due to currency and tariff headwinds, but strong second-half performance expected, especially in Q4.
Positive Outlook
- Expected stronger H2 performance, especially in Q4.
- Network Infrastructure expected to show strong growth.
- Cloud and Network Services forecasted to grow.
- Mobile Networks expected to remain largely stable on a constant currency basis.
- Nokia Technologies projected to deliver ~€1.1B operating profit.
Challenges Ahead
- Lowered full-year operating profit guidance to €1.6-2.1B from €1.9-2.4B.
- Currency headwinds expected to have a €230M negative impact.
- Tariffs forecasted to impact operating profit by €50-80M.
- Weaker USD continues to pressure margins.
- Venture fund currency revaluation negatively affecting results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income