Nokia Oyj fell more than 9% after its earnings report, hitting a new low since April this year and dragging optical communication concept stocks down collectively. Coherent plunged more than 11%, Lumentum and Applied Optoelectronics fell over 9%, Ciena dropped more than 8%, Corning and Credo Technology Group Holding Ltd declined over 7%, Astera Labs, Inc. fell 6%, and POET Technologies Inc dropped more than 4%.

On the news front, Nokia reported third-quarter revenue of €5.154 billion, up 10% year on year. Revenue in its Network Infrastructure segment, which covers AI data center connectivity, rose 15% year on year to €1.829 billion; within that, optical networks sales grew 18% year on year to €933 million. Due to €357 million in restructuring charges booked in the quarter, reported operating profit plunged 22% year on year to €196 million, with the operating margin contracting from 5.4% to 3.8%.