On October 22, Nokia Oyj fell over 5% in Pre-Market Trading. The clearest fresh catalyst was the company’s latest quarterly update and subsequent management commentary. Nokia reported Q3 net sales of 5.15 billion euros, above the 5.10 billion euro consensus, while comparable operating profit rose to 605 million euros from 448 million euros a year earlier, ahead of expectations near 453 million to 454 million euros. Comparable EPS was 0.09 euros, versus the 0.06 euro analyst expectation, and the company maintained its full-year comparable operating profit outlook of 2.1 billion to 2.6 billion euros.

At the same time, management said supply could remain tight into 2027 and even 2028, and that costs are rising because of supply limitations. The company also said it expects Q4 quarter-on-quarter net sales growth of 20% to 24%. While recent AI-RAN and data center related momentum supported demand signals, the pre-market decline suggests investors may be weighing margin and execution risks tied to the prolonged supply backdrop despite the earnings beat.

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