On July 24, Nokia Oyj declined 3.19% in pre-market trading, trading at $9.42/share, with turnover of $1.585 million. The decline continues the sell-the-news reversal that began after the company released strong Q2 results on July 23.

Nokia reported Q2 adjusted comparable operating profit of EUR 4.34 billion, up 18% year-over-year and significantly above the market consensus of EUR 3.82 billion. Adjusted EPS of $0.08 beat the $0.07 estimate by approximately 14%. The AI and cloud business was particularly strong, with order intake reaching EUR 2.8 billion and sales doubling year-over-year. The company raised its full-year comparable operating profit guidance to EUR 2.1 billion to EUR 2.6 billion. Despite the strong results, the stock reversed sharply on earnings day after initially rallying 6-8% in European and US pre-market sessions, ultimately closing down over 5%. The CEO also noted that chip supply constraints are lengthening order delivery timelines, adding a cautionary element. Following a prior rebound from a 19.5% weekly drawdown, accumulated gains amplified profit-taking pressure as investors locked in returns on the earnings release.

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