Core Viewpoint - The article discusses the potential decline of major companies like Alphabet (Google) and compares it to the historical collapses of companies such as Nokia, Blackberry, Teva, and Intel, suggesting that Alphabet may face similar challenges in the future [1]. Group 1: Company Analysis - Alphabet is being scrutinized for its market position and the sustainability of its business model, raising concerns about its future performance [1]. - The article highlights the importance of innovation, scalability, and market disruptiveness as key factors for growth stocks, which are essential for Alphabet to maintain its competitive edge [1]. Group 2: Industry Context - The technology sector is characterized by rapid changes and the need for companies to adapt quickly to avoid decline, as evidenced by the historical examples of failed companies [1]. - The focus on macroeconomic trends and their impact on tech stocks is emphasized, indicating that external economic factors play a significant role in the performance of companies like Alphabet [1].

Core Insights - Nokia Corporation reported weaker-than-expected second-quarter 2025 results, with both revenue and net income missing the Zacks Consensus Estimate. The top line increased year over year due to growth in fixed and optical networks within the Network Infrastructure segment, alongside improvements in Cloud and Network services. However, weakness in Mobile Networks offset these gains [1][12]. Financial Performance - Net income from continuing operations was €83 million ($94.12 million) or €0.02 (2 cents) per share, down from €370 million or €0.07 in the same quarter last year. The decline was attributed to lower net sales from Mobile Networks and higher operating expenses [2]. - Comparable profit was €236 million ($267 million) or €0.04 (5 cents) per share, down from €328 million or €0.06 in the year-earlier quarter, missing the Zacks Consensus Estimate of 7 cents [3]. - Quarterly net sales reached €4.54 billion ($5.15 billion), a 2% increase from €4.46 billion in the previous year, but missed the Zacks Consensus Estimate by $5.36 billion [4]. Segment Performance - Net sales from Network Infrastructure totaled €1.9 billion ($2.15 billion), up from €1.52 billion in the year-ago quarter, beating the revenue estimate of €1.75 billion. IP Networks recorded 3% growth year over year, driven by demand in China, Europe, and the Americas [5]. - Mobile Networks generated revenues of €1.73 billion ($1.82 billion), down 17% year over year, missing the estimate of €1.94 billion due to soft demand in various regions [6]. - Cloud and Network Services reported net sales of €557 million ($631 million), up 10% year over year, but missed the estimate of €755 million [7]. - Nokia Technologies contributed €357 million ($404 million), slightly up from €356 million in the previous year, supported by a recent licensing agreement [8]. Regional Performance - Net sales from the EMEA region increased to €1.954 billion from €1.839 billion in the year-ago quarter, while APAC revenues declined to €1.02 billion, down 3% year over year due to Mobile Networks weakness [9][10]. Operational Metrics - The comparable gross margin was 44.7%, matching the previous year's figure, while the comparable operating profit decreased 29% year over year to €301 million ($341 million) [13]. - Nokia generated €209 million ($237 million) in net cash from operating activities, down from €489 million in the prior-year quarter. As of June 30, 2025, the company had €4.79 billion ($5.63 billion) in cash and cash equivalents [14]. Future Outlook - For 2025, Nokia expects a comparable operating profit in the range of €1.9-€2.1 billion, with free cash flow estimated at 50-80% of comparable operating profit. Capital expenditure is projected to be €650 million [15]. - The company anticipates strong sales growth in the Network Infrastructure and Cloud and Network Services segments, while expecting stable net sales from the Mobile Networks segment [16].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 Report on Form 6-K dated July 24, 2025 (Commission File No. 1-13202) Nokia Corporation Karakaari 7 FI-02610 Espoo Finland (Translation of the registrant's name into English and address of registrant's principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover o ...

Financial Data and Key Metrics Changes - Q2 2025 net sales were €4.55 billion, reflecting a 1% decline on a constant currency and portfolio basis [17] - Gross margin remained stable at 44.7%, while operating margin declined to 6.6% due to negative currency impacts and tariffs [18] - Free cash flow generated in the quarter was €88 million, with a net cash position of €2.9 billion at the end of the quarter [23] Business Line Data and Key Metrics Changes - Network infrastructure grew by 8%, with fixed networks up 17%, optical networks up 6%, and IP networks up 3% [18][19] - Mobile networks saw a 13% decline, primarily due to accelerated revenue recognition from the previous year [20] - Cloud and network services net sales increased by 14%, driven by growth in North America and Asia Pacific [21] - Nokia Technologies net sales increased by 3% on a constant currency basis, maintaining a run rate of approximately €1.4 billion [22] Market Data and Key Metrics Changes - Hyperscalers accounted for 5% of net sales in Q2, with strong demand driving order intake [11] - North America experienced a decline in mobile networks but saw double-digit growth in network infrastructure and cloud services [22] - APAC region showed flat sales in India due to a pause in mobile network investments, while growth was noted in fixed networks [22] Company Strategy and Development Direction - The company is focusing on unifying corporate functions to improve productivity and customer value [6][7] - Investments are being made in optical networking and AI infrastructure to capitalize on market transitions [5][10] - The company plans to discuss its full value creation strategy at the Capital Markets Day on November 19 [7][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future opportunities in connectivity, particularly in the AI super cycle [5] - The demand environment remains consistent, with no major impacts from geopolitical uncertainties [10] - Full-year expectations include strong growth in network infrastructure and stable net sales in mobile networks, with operating profit guidance revised down due to currency and tariff impacts [14][15] Other Important Information - The company is experiencing a €230 million headwind to operating profit due to currency fluctuations [15] - The tariff situation is expected to impact operating profit by €50 million to €80 million for the full year [15][18] Q&A Session All Questions and Answers Question: What is required to win large hyperscaler deals? - Management emphasized the importance of customer relationships and understanding customer needs to increase sales to hyperscalers [34] Question: Will the fiber build programs from U.S. Telcos accelerate into 2026? - Management expressed optimism about growth opportunities in fiber builds due to recent legislative support and customer demand [36] Question: Can you discuss the guidance revision? - Management explained that uncertainties have increased due to currency shifts and tariff impacts, leading to a prudent adjustment of the guidance range [44][46] Question: Can you provide insights on network infrastructure performance in Q2? - Management noted that supply chain constraints affected growth, but they expect strong performance in the second half driven by hyperscale and AI data center customers [50][52] Question: What is the outlook for the optical business? - Management acknowledged that while there is growth, they are still catching up in market share and need to continue product development to compete effectively [86]

Financial Data and Key Metrics Changes - Q2 2025 net sales were €4,550,000,000, reflecting a 1% decline on a constant currency and portfolio basis [15] - Gross margin remained stable at 44.7% compared to the previous year [15] - Operating margin decreased to 6.6% due to negative currency impacts and tariffs, which were expected to affect operating profit by €50,000,000 to €80,000,000 for the full year [16][13] - Free cash flow for the quarter was €88,000,000, contributing to a net cash position of €2,900,000,000 [21] Business Line Data and Key Metrics Changes - Network infrastructure experienced 8% growth, with fixed networks growing 17%, optical networks growing 6%, and IP networks growing 3% [16] - Mobile networks saw a 13% decline in net sales, primarily due to accelerated revenue recognition from a contract settlement in the previous year [18] - Cloud and network services net sales grew by 14%, driven by strong performance in core networks [19] - Nokia Technologies net sales increased by 3% on a constant currency basis, maintaining a run rate of approximately €1,400,000,000 [20] Market Data and Key Metrics Changes - Hyperscalers accounted for 5% of net sales in Q2, with strong demand driving order intake [9] - North America saw a decline in mobile networks but double-digit growth in network infrastructure and cloud services [20] - APAC region experienced flat sales in India due to a pause in mobile network investments, offset by growth in fixed networks [20] - Europe showed growth across all business lines, indicating a broad-based recovery [41] Company Strategy and Development Direction - The company is focusing on unifying corporate functions to improve productivity and customer value [5] - Investments are being made in optical networking and AI infrastructure to capitalize on market transitions [6][9] - The company plans to discuss its full value creation strategy at the Capital Markets Day on November 19 [6] - There is an emphasis on building closer relationships with hyperscalers and enhancing product offerings to meet their needs [32][36] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the demand environment, with no major impacts from geopolitical uncertainties [8] - The company expects strong growth in network infrastructure and cloud services, with stable net sales in mobile networks for the full year [8] - Currency fluctuations and tariffs are significant headwinds, prompting a revision of the operating profit outlook for 2025 [12][13] - The company aims for a free cash flow conversion of 50% to 80% of comparable operating profit for the year [14] Other Important Information - The company experienced a non-cash negative impact of $50,000,000 from venture funds, including a €60,000,000 negative impact from currency [6] - The integration of Infinera is progressing well, with a strong book-to-bill ratio indicating commercial momentum [7] - The company is actively participating in EU programs to build AI gigafactories, reflecting its commitment to innovation [10] Q&A Session Summary Question: What is required to win large hyperscaler deals? - Management emphasized the importance of customer relationships and understanding customer needs to increase sales to hyperscalers [30][32] Question: Will the fiber build programs from U.S. Telcos accelerate into 2026? - Management expressed optimism about growth opportunities in fiber builds, particularly in the U.S. and Europe [35] Question: Clarification on guidance revision and uncertainties? - Management explained that the guidance was lowered due to currency shifts and tariff impacts, while underlying operations remain stable [43][45] Question: Insights on network infrastructure performance in Q2? - Management noted that supply chain constraints affected growth, but a strong book-to-bill ratio indicates future potential [50][52] Question: Any changes in pricing dynamics in mobile networks? - Management reported no abnormal pricing changes but acknowledged regional market dynamics affecting competition [96][98]

Financial Performance - Nokia's Q2 2025 net sales experienced a 1% year-over-year decrease on a constant currency and portfolio basis[18] - The Q2 2025 operating margin was 6.6%, a decrease of 290 basis points year-over-year[18] - Free cash flow for Q2 2025 was EUR 0.1 billion[18] Business Segment Performance - Network Infrastructure net sales increased by 8% year-over-year in Q2 2025, reaching EUR 1.904 billion[25, 26] - Mobile Networks net sales decreased by 13% year-over-year in Q2 2025, totaling EUR 1.732 billion[32, 33] - Cloud and Network Services net sales grew by 14% year-over-year in Q2 2025, reaching EUR 557 million[38, 42] - Nokia Technologies net sales increased by 3% year-over-year in Q2 2025, reaching EUR 357 million[45] Outlook and Guidance - The comparable operating profit outlook for full year 2025 has been lowered to EUR 1.6 billion to EUR 2.1 billion, due to currency and tariff headwinds[11, 13] - Free cash flow conversion is expected to be 50% to 80% of comparable operating profit for full year 2025[11, 13] Regional Performance - Americas experienced a 22% decrease, APAC a 3% decrease, and EMEA a 17% decrease[49]

Nokia’s adjusted profit dropped 29% in the second quarter from a year earlier after the 5G equipment maker was hit by impact from tariffs and a weak US dollar https://t.co/O5WQSdJ8ev ...

Core Viewpoint - Nokia Corporation reported solid performance in Q2 2025, although results were impacted by currency fluctuations, particularly a weaker USD, leading to a decline in net sales on a constant currency basis [7][12][13]. Financial Performance - Q2 2025 comparable net sales decreased by 1% year-over-year on a constant currency and portfolio basis, while reported sales declined by 2% [8][15]. - Mobile Networks experienced a significant decline of 13% in net sales, primarily due to a prior year settlement benefit and project timing in India [7][8]. - Network Infrastructure grew by 8%, and Cloud and Network Services saw a growth of 14% [8][9]. - Comparable gross margin remained stable at 44.7%, while the operating margin decreased by 290 basis points to 6.6% due to a negative impact from venture funds and tariffs [10][14]. - The company reported a comparable diluted EPS of EUR 0.04, with a free cash flow of EUR 0.1 billion and a net cash balance of EUR 2.9 billion [8][10]. Outlook - The full-year 2025 comparable operating profit outlook has been revised to a range of EUR 1.6 billion to EUR 2.1 billion, down from EUR 1.9 billion to EUR 2.4 billion, due to currency impacts and tariffs [12][13][20]. - The company expects a stronger performance in the second half of 2025, particularly in Q4, with anticipated growth in Network Infrastructure and Cloud and Network Services [12][19]. - The underlying business is trending largely as expected, with stable net sales in Mobile Networks on a constant currency basis [12][19]. Strategic Positioning - The CEO emphasized the importance of connectivity in the AI supercycle, positioning Nokia as a leader in mobile and fiber access, data center, and transport networks [4][6]. - There is a focus on unifying corporate functions to enhance productivity and customer value [5]. - Continued strong order momentum in Optical Networks was noted, with a book-to-bill ratio above 1, driven by new hyperscaler orders [11].

Nokia shares fell before the start of regular trading after the Finnish maker of 5G gear cut its profit guidance, citing a weaker US dollar and tariffs https://t.co/mexKHddana ...

Nokia cut its profit guidance for the year, citing a weaker US dollar and tariffs https://t.co/TjIcktaKl7 ...