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Jun 30, 2025
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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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