0715 GMT - Nokia reported a solid enough second quarter, but not the game-changer that a first glance might suggest, Bernstein analyst Ulrich Rathe writes. The Finnish telecom-equipment provider reclassified some operations as discontinued, which made for strong headline numbers but masked a more pedestrian underlying result, the bank says. On a like-for-like basis, revenue beat by 2% and comparable operating profit by 9%. "While this still looks strong, the reason for the operating profit beat is materially from the lumpy licensing business within mobile infrastructure." Notably, the closely watched optical networks unit missed revenue and adjusted operating profit consensus by around 4%, the bank adds. Shares are up 3.8%. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

July 23, 2026 03:15 ET (07:15 GMT)

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