Nokia Oyj (NOK) shares plummeted 5.03% during intraday trading on Tuesday, deepening a multi-session sell-off that has erased over 10% of the stock's value since its strong second-quarter earnings report.

The decline is being driven by a classic sell-the-news pattern, as investors continue to lock in profits following Nokia's better-than-expected Q2 results released on July 23. The company reported an 18% year-over-year jump in adjusted comparable operating profit to EUR 4.34 billion, comfortably beating consensus estimates, and raised its full-year guidance. The AI and cloud business segment also posted robust order intake and doubled sales year-over-year.

Despite the upbeat figures, the stock had already rallied to around $10.28 ahead of the earnings release, and the results failed to spark further buying interest. Instead, profit-taking has dominated, with the stock falling more than 10% cumulatively across multiple sessions, and the selling pressure continued through the pre-market and into the regular trading session.