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Nokia's stock jumped over 11% despite the company missing Q3 revenue expectations by a significant margin.
Strong order momentum from AI and cloud data center customers is setting Nokia up for stronger revenue ahead.
Nokia is transitioning from a pure telecom play to a diversified networking company with a lucrative AI groove.
Nokia (NYSE: NOK) investors enjoyed a strong boost on Thursday. The Finnish telecom equipment giant reported robust third-quarter results early in the morning, driving the stock as much as 11.4% higher at multiple points.
Nokia's third-quarter sales rose 11.5% year over year to 4.83 billion euros (approximately $5.61 billion). Earnings held steady at 0.06 euros per share (roughly $0.07 per share). The analyst consensus had pointed to richer revenue in the neighborhood of 5.43 billion euros, while the bottom-line result was right on target.
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That's a mixed report at best, with a significant revenue miss. But investors shrugged off the revenue issue in light of strong incoming orders -- Nokia is setting itself up for richer revenue in the coming quarters. In particular, cloud computing and artificial intelligence (AI) data center operators are making heavy investments in optical networking infrastructure.
Image source: Getty Images.
Nokia's stock took a breather in August but started rising in September. After today's steep jump, shares are trading at prices not seen since January 2023.
The company's revenue streams used to be a one-note affair, always focused on telecom-grade equipment for long-haul communications. The ongoing AI boom has diversified Nokia's business, as ultra-fast networking solutions for data centers finally found an enthusiastic target market.
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