The earnings call presented a balanced view with notable positive achievements in cash flow, cost savings, and strategic deals. However, significant challenges remain in net sales, particularly in Mobile and Optical Networks, and the impact of losing the AT&T contract. While there are signs of market recovery, the pace is slower than anticipated.

Company Guidance

In the third quarter of 2024, Nokia experienced a slow market recovery, with Fixed Networks and IP Networks showing growth of 9% and 6%, respectively, while Optical Networks declined by 15% and Mobile Networks by 17%. The company achieved significant cost savings, with EUR 500 million in run-rate gross cost savings, and a strong free cash flow of over EUR 600 million, totaling EUR 2 billion year-to-date. Nokia's financial outlook for 2024 remains unchanged, with comparable operating profit tracking in the bottom half of the range and free cash flow conversion at the high end. Additionally, Nokia's acquisition of Infinera is progressing, with antitrust and CFIUS approval received in the U.S. and a target closing in H1 2025.

Strong Free Cash Flow

Generated over EUR 600 million in Q3 and EUR 2 billion year-to-date, ending the quarter with a net cash balance of EUR 5.5 billion.

Significant Gross Margin Improvement

Gross margin expanded by 490 basis points year-on-year, with all business groups contributing.

Achievements in Nokia Technologies

Net sales grew 36% in Q3, driven by smartphone licensing agreements and higher sales from Automotive and IoT.

Successful Deal Momentum

Important deals signed across all business groups, including with Vodafone Idea, NTT DOCOMO Japan, and CoreWeave.

Progress in Cost Savings

Achieved EUR 500 million in run-rate gross cost savings, with a target range of EUR 800 million to EUR 1.2 billion.

Infinera Acquisition Progress

Received antitrust and CFIUS approval in the U.S. and Infinera shareholders approved the deal, targeting closure in H1 2025.

---

Nokia (GB:0K8D) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

GB:0K8D Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2025	2024 (Q4)	0.14 / -	0.108	―	―	―
Oct 17, 2024	2024 (Q3)	0.07 / 0.07	0.053	22.64% (+0.01)
Jul 18, 2024	2024 (Q2)	0.05 / 0.07	0.078	-16.67% (-0.01)
Apr 18, 2024	2024 (Q1)	0.08 / 0.10	0.066	45.45% (+0.03)
Jan 25, 2024	2023 (Q4)	0.13 / 0.11	0.174	-37.93% (-0.07)
Oct 19, 2023	2023 (Q3)	0.08 / 0.05	0.098	-45.92% (-0.05)
Jul 20, 2023	2023 (Q2)	0.09 / 0.08	0.102	-23.53% (-0.02)
Apr 20, 2023	2023 (Q1)	0.08 / 0.07	0.074	-10.81% (>-0.01)
Jan 26, 2023	2022 (Q4)	0.14 / 0.17	0.148	17.57% (+0.03)
Oct 20, 2022	2022 (Q3)	0.09 / 0.10	0.093	5.38% (<+0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

---

GB:0K8D Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 17, 2024	$4.38	$4.25	-2.97%
Jul 18, 2024	$3.87	$3.67	-5.12%
Apr 18, 2024	$3.29	$3.37	+2.40%
Jan 25, 2024	$3.34	$3.69	+10.50%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

---