Nokia announced its Q2 2026 financial results on July 23, posting an 18% rise in comparable operating profit to €434 million, surpassing analyst estimates of around €382 million [1, 2, 3]. Net sales reached €4.82 billion, marking an 8-9% year-on-year increase roughly in line with market expectations [1, 2, 3].
Sales to AI and cloud customers more than doubled to €446 million, driven by strong demand from major tech firms building AI data centres [1]. Nokia CEO Justin Hotard highlighted robust demand despite industry constraints from rising memory chip prices, saying, "Demand remains strong, while supply continues to be the main industry constraint, prompting our customers to place longer-term orders" [1, 3].
Nokia’s adjusted operating margin stood at approximately 9% in the quarter, while the adjusted gross margin expanded to 46% [2]. Adjusted earnings per share came in at 0.070 euros [2].
The company continues to focus on selling fibre-optic equipment to cloud and AI data centre operators. It is also developing AI-enhanced network equipment in partnership with Nvidia to capture growth opportunities in the AI infrastructure market [1, 3].
Following the strong performance, Nokia raised its full-year 2026 comparable operating profit forecast to between €2.1 billion and €2.6 billion, up from the prior range of €2.0 billion to €2.5 billion [1, 2].
Nokia’s Q2 results underscore its expanding presence in AI-driven network infrastructure amid ongoing supply chain challenges affecting the tech sector. The company will report next quarter’s performance later in 2026.
