Nokia's Comparable Operating Profit Jumps 35% as AI and Cloud Sales Surge

Nokia reported a stronger-than-expected rise in third-quarter comparable operating profit on 22 October, supported by demand for network equipment from AI and cloud customers.

Comparable operating profit rose 35% to €605 million, from €448 million a year earlier. That exceeded the €453 million average forecast in a company-provided analyst poll, Reuters reported.

Net sales reached €5.15 billion, up 10% as reported and 9% at constant exchange rates. Sales to AI and cloud customers increased 123% at constant currencies, and Nokia said it secured €1.5 billion in new orders from those customers.

The improvement was not uniform across profit measures. Reported operating profit fell 22% to €196 million amid accelerated restructuring and integration costs. Nokia's comparable measure excludes certain income and expense items.

The company kept its 2026 comparable operating-profit forecast at €2.1 billion to €2.6 billion. However, it lowered its assumption for free-cash-flow conversion from comparable operating profit to 35%-55%, citing working-capital investment and accelerated restructuring.

Sources: Reuters via MarketScreener; Nokia Q3 2026 Interim Report.

Archival photo: Nokia Networks offices, Espoo, Finland, 2011. Villeke / Wikimedia Commons, CC BY-SA 3.0. Cropped to 16:9 by Morval Universal; cropped image available under the same licence.