The numbers for the quarter
Nokia has announced its third-quarter 2026 results, as reported by IT之家: net revenue stands at €51.5 billion, up 10% year on year and above the €50.6 billion estimated by the market. Adjusted operating profit reaches €6.05 billion, an increase of 35% compared with the same period last year, clearly exceeding expectations set at €4.54 billion.
Adjusted operating profitability stands at 11.7%, versus the 9.14% indicated by analysts' forecasts. Adjusted earnings per share also accelerates: €0.090, up 50% year on year, compared with the €0.06 expected by the market.
The boost from IP, optical and AI customers
The network infrastructure segment recorded 15% growth in net revenue at constant currency. Within this division, IP networks are up 43% and optical networks 18%, indicating demand concentrated in transport and high-capacity connectivity technologies.
The most significant figure, however, concerns customers linked to artificial intelligence and cloud: the group's net sales to this category grow 123%, while orders booked increase 118%. This is a very large percentage change, but the material does not specify absolute values or this segment's share of the total, an element to verify in order to assess its real impact on the accounts.
Guidance unchanged and aspects to be clarified
Nokia confirms its forecast for the full year 2026 of adjusted operating profit between €21 billion and €26 billion. The range remains wide and, with the quarterly result at €6.05 billion, reaching the upper end of the interval will depend on the performance of the last three months of the year.
Some open points remain: the press release does not detail profitability by individual business area, does not clarify whether growth in AI and cloud customers is sustainable or tied to specific contracts, and does not provide indications on network infrastructure margins. The comparison between revenue and operating profit shows profit growth faster than revenue, a sign of improved profitability, but the material does not explain the causes. The yuan figures cited in the source are indicative conversions and should be considered as such.
What it means
The quarter indicates that Nokia is benefiting from demand linked to artificial intelligence and cloud infrastructure, an area in which sales more than double year on year. Beating estimates on revenue, operating profit, margin and EPS suggests performance above analysts' expectations on all main indicators. A complete assessment would require absolute data for the AI and cloud segment and the breakdown of margins, information not included in the available material.
