Nokia Posts 35% Comparable Profit Growth as AI Orders Surge

Nokia’s comparable operating profit rose 35% in the third quarter as a sharp increase in orders from AI and cloud customers highlighted a growing demand stream for the Finnish telecom equipment maker.

Comparable operating profit totaled €605 million in the three months ended Sept. 30, up from €448 million a year earlier. Net sales increased 10% to €5.154 billion from €4.7 billion, while sales to AI and cloud customers jumped 123%.

Orders from AI and cloud customers rose 118% to €1.5 billion. The results also showed a gap between Nokia’s comparable and reported performance: reported operating profit fell 22% to €196 million from €252 million.

Nokia’s reported operating margin decline reflected accelerated restructuring and integration costs. The company kept its 2026 comparable operating profit outlook at €2.1 billion to €2.6 billion, with fourth-quarter net sales expected to increase 20% to 24% from the prior quarter.

Nokia expects a typical sequential rise in fourth-quarter operating profit to leave full-year results above the midpoint of its outlook range. It also projects 25% to 30% growth in its combined Optical and IP Networks businesses in 2027.