On July 23, Nokia Oyj rose 3.7% in pre-market trading, trading at $10.65/share, with turnover of $315,500.

The move was driven by the company's second-quarter earnings release, which significantly exceeded market expectations. Nokia reported Q2 comparable operating profit of EUR 434 million, up 18% year-over-year and well above the consensus estimate of EUR 382 million. Adjusted EPS came in at $0.08, beating the $0.07 estimate by approximately 14%. Quarterly revenue reached EUR 4.82 billion, also surpassing expectations.

AI and cloud business performance was particularly strong, with segment orders totaling EUR 2.8 billion and sales more than doubling year-over-year. The CEO noted that customers are placing orders ahead of schedule, though chip supply constraints are extending delivery lead times. Nokia raised its full-year adjusted operating profit guidance to EUR 2.1-2.6 billion, up from the prior range of EUR 2.0-2.5 billion, exceeding the market consensus of EUR 2.36 billion.

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