Financial Data and Key Metrics Changes - The company reported a 9% increase in net sales for Q3 2025, with all business groups contributing to this growth [4][17] - Gross margin for the group declined by 150 basis points year-on-year, primarily due to product mix issues within Network Infrastructure and Mobile Networks [17] - Operating margin was reported at 9%, which is 220 basis points lower than the previous year, largely due to a one-time benefit from the prior year [17][18] - Free cash flow generated was $429 million, with a net cash position of $3 billion at the end of the quarter [18][23] Business Line Data and Key Metrics Changes - Network Infrastructure saw an 11% growth, with Optical Networks leading at 19% sales growth [19] - Cloud and Network Services experienced a 13% increase in sales, with gross margin improving by 380 basis points [20] - Mobile Networks net sales increased by 4%, driven by growth in Vietnam and the Middle East and Africa, although gross margin declined by 370 basis points [21][22] - Nokia Technologies reported a 14% increase in net sales, maintaining an annual run rate of approximately $400 million [22] Market Data and Key Metrics Changes - In North America, strong growth was observed in Network Infrastructure and Cloud and Network Services, while Mobile Networks saw a slight decline [23] - In APAC, India experienced growth in Network Infrastructure, driven by demand for fixed wireless, while Mobile Networks returned to modest growth [23] - Europe remained stable, with no significant changes reported in Q3 [23] Company Strategy and Development Direction - The company is focused on leveraging AI and cloud technologies, with a strategic emphasis on partnerships, such as with EnScale and Super Micro [8][15] - Nokia is transitioning to a continuous improvement culture, emphasizing operational leverage and cost discipline rather than large restructuring programs [18][68] - The company is optimistic about the potential of AI and data center business, particularly in the EU and US markets [101] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year outlook, with expectations for sequential net sales growth in Q4 slightly above historical seasonality [7][15] - The demand environment is described as healthy, with strong order intake particularly in AI and cloud sectors [5][6] - Management acknowledged the need for ongoing innovation and technology leadership to improve returns in Mobile Networks [108] Other Important Information - The integration of the Infinera acquisition is ahead of schedule, contributing positively to net sales and order intake growth [6][71] - A strategic review of venture fund investments led to a decision to scale down passive investments, focusing instead on targeted direct minority investments [14] Q&A Session Summary Question: Progress on IP networks and switching business - Management acknowledged positive metrics and wins in IP networks but noted that they are still a small player in the market, indicating more work is needed [34][35] Question: Growth opportunities in AI and cloud - The biggest opportunities are seen in hyperscalers and sovereign clouds, with significant demand currently coming from these segments [38] Question: Scale across for optics and its implications - Management indicated that while the technology is not new, the demand for innovation is increasing due to bandwidth demands driven by AI data centers [41] Question: Six G mobility investments - Investments in six G technology standardization have already begun, with ongoing R&D efforts [45][46] Question: Factors driving positive surprise in Q3 - Improved gross margins in Cloud and Network Services and successful market share gains in five G standalone core implementations were highlighted [58] Question: Demand in Europe and its implications - Management noted that while demand is stabilizing, the majority of investment is currently happening in the US, with potential upside in Europe if regulations change [101]

Financial Performance Highlights - Nokia reported strong net sales growth of 9% in Q3 2025[8], reaching EUR 48 billion[52] - The company's Q3 2025 gross margin was 442%[23] - Q3 2025 free cash flow (FCF) was EUR 04 billion[23] - Nokia's Q3 2025 net cash stood at 9%[23] Segment Performance - Network Infrastructure net sales increased by 11% year-over-year to EUR 1953 million[29], driven by Optical Networks which grew by 19%[32] - Cloud and Network Services net sales grew by 13% year-over-year to EUR 645 million[36] - Mobile Networks net sales saw a 4% increase year-over-year to EUR 1842 million[41] - Nokia Technologies net sales increased by 14% year-over-year to EUR 391 million[47] Strategic Progress - Net sales from AI & Cloud accounted for 6% of Nokia's total net sales in Q3 2025[10, 12] - Nokia is on track to achieve its full-year 2025 outlook, targeting the mid-point of its operating profit outlook range of EUR 17 billion to EUR 22 billion[8, 19] - Nokia Technologies maintains a contracted annual net sales run-rate of approximately EUR 14 billion[50]

新浪科技讯 10月23日下午消息，中兴通讯近日举行成立40周年外事招待会。来自80多个国家的300多名 驻华使节，相关机构代表，国际组织负责人及合作伙伴出席了本次活动。 招待会期间，中兴通讯董事长方榕与嘉宾同切蛋糕，共同庆祝中兴通讯成立40周年。来宾还一起观赏了 民乐演奏、川剧变脸等节目，并体验了机器人现场展示武术招式、与嘉宾趣味互动的精彩环节，感受尖 端科技与传统文化交融的魅力。 中兴通讯方面表示，展望未来，将以四十周年为新起点、以技术创新为依托，携手全球合作伙伴，共赢 数智未来新征程。 中兴通讯董事长方榕在致辞中总结了企业40年来的发展历程与国际化成果。她表示，怀揣"以一根电话 线连接世界"的初心，中兴通讯已成长为全球领先的综合信息与通信技术解决方案提供商，而国际化便 是行稳致远的"必由之路"。得益于中国对外经贸服务机构与各驻华使领馆的支持，更有赖于中外政策衔 接、经贸合作深化的指引，中兴通讯业务已覆盖160多个国家和地区，全球每四人中就有一人使用中兴 的产品与服务。面对人工智能浪潮，中兴通讯正推动从"全连接"向"连接+算力"的战略升级，以领先的 网络连接与智能算力弥合数字鸿沟、深化全球合作，共谱数智化发 ...

Core Insights - The company experienced a significant increase in sales of network infrastructure equipment driven by demand from artificial intelligence and data-center customers in North America [1] Group 1 - The rise in sales is attributed to the growing needs of artificial intelligence and data-center sectors [1] - North America is highlighted as a key market for this growth in network infrastructure equipment sales [1]

Nokia's adjusted profit for the third quarter beat estimates, thanks to growth in its network infrastructure and optical networks businesses https://t.co/JoMex87ep6 ...

Core Viewpoint - Finland's Nokia reported third-quarter profit significantly exceeding expectations, driven by robust demand in optical and cloud sectors, particularly from AI-driven data centers following its acquisition of Infinera [1] Group 1: Financial Performance - Nokia's third-quarter profit was well ahead of market expectations, indicating strong financial health and operational efficiency [1] - The company benefited from increased sales attributed to the growing demand for optical and cloud solutions [1] Group 2: Market Demand - There was a notable rise in sales to AI-driven data centers, highlighting a shift in market dynamics and the increasing importance of AI technologies in driving revenue [1] - The acquisition of Infinera has positioned Nokia favorably within the optical networking market, enhancing its product offerings and market reach [1]

Core Insights - Nokia Corporation reported a solid performance in Q3 2025 with net sales growing 9% year-over-year on a constant currency and portfolio basis, and 12% reported [4][7] - The company is on track to achieve its full-year outlook, with a revised comparable operating profit guidance now between EUR 1.7 billion and EUR 2.2 billion [10][18] Financial Performance - Q3 2025 net sales reached EUR 4.83 billion, compared to EUR 4.33 billion in Q3 2024, reflecting a 12% increase [7][11] - Comparable gross margin declined by 150 basis points year-over-year to 44.2%, while the reported gross margin also decreased by 150 basis points to 43.7% [7][8] - Comparable operating margin decreased by 220 basis points year-over-year to 9.0%, with reported operating margin up 140 basis points to 5.0% [7][12] - Q3 2025 comparable diluted EPS was EUR 0.06, down from EUR 0.03 in Q3 2024 [7][12] Business Group Performance - Network Infrastructure saw an 11% increase in net sales, with Optical Networks growing 19%, driven by demand from AI and Cloud customers [5][6] - Cloud and Network Services reported a 13% increase in net sales, benefiting from strong operator investments in 5G Core [6][12] - Mobile Networks experienced a 4% growth, indicating market stabilization [6][12] Strategic Developments - Nokia announced a strategic partnership with Nscale to become a preferred networking equipment vendor for their data center buildout [5] - The company is scaling down its passive venture fund investments, changing how these investments are presented in financials [9][21] Outlook - The company maintains its full-year outlook for 2025, expecting strong growth in Network Infrastructure and Cloud and Network Services, while projecting stable net sales in Mobile Networks [20][18] - Free cash flow is expected to convert at a rate of 50% to 80% from comparable operating profit [15]

Financial Data and Key Metrics Changes - The company reported revenues of $215 million for Q3 2025, a 2% increase year-over-year, and year-to-date revenue has increased by 6% [18][7] - Non-GAAP gross margin for Q3 was 52.6%, lower than expected due to reduced software sales to U.S. government customers, but overall gross margin improved sequentially by 50 basis points [18][19] - Adjusted EBITDA for Q3 was $29 million, a $1 million decrease from the prior year, driven by lower gross margins [19][18] Business Line Data and Key Metrics Changes - IP Optical Networks revenue for Q3 was $91 million, an 11% increase year-over-year, with a positive EBITDA contribution of $1 million [21][11] - Cloud and Edge segment revenue for Q3 was $124 million, a decrease of 3% year-over-year, with adjusted EBITDA down $10 million year-over-year [22][15] - Sales to service providers increased by 5% year-over-year, while sales to enterprise customers decreased by approximately 3% year-over-year [8][15] Market Data and Key Metrics Changes - Sales to Europe, Middle East, and Africa grew 26% year-over-year, while sales to Asia-Pacific increased by 13%, led by India [10][12] - North American sales were impacted by lower U.S. federal sales, declining approximately 10% year-over-year [10][15] - The company expects continued strong execution in North America, particularly with Verizon projects [26][29] Company Strategy and Development Direction - The company is focusing on AI ops and automation through its new product, Acumen, which aims to help customers transition to autonomous networks [4][5] - The strategy includes expanding the Cloud and Edge portfolio to support agentic AI platforms and enhancing network reliability [4][6] - The company is optimistic about the convergence of AI and voice technologies, viewing it as a significant opportunity for growth [7][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. government shutdown has delayed procurement processes but emphasized that no business has been lost, only delayed [9][8] - The outlook for Q4 remains strong, with expectations for it to be the strongest quarter of the year despite the shutdown [25][29] - The company anticipates revenue in a range of $230 million to $250 million for Q4, with adjusted EBITDA projected between $42 million and $48 million [28][29] Other Important Information - The company repurchased approximately 900,000 shares for a total cost of $3.5 million during Q3 [23] - The company is experiencing foreign exchange headwinds of approximately $3 million year-over-year, primarily due to the shekel [43][42] - The company has identified several new growth vectors related to AI technology and autonomous network operations [30][29] Q&A Session Summary Question: Future growth from AI and automation - Management views AI ops as a new category that will drive growth in the Cloud and Edge segment, allowing customers to build their own smart agents [32][33] Question: Performance of Verizon and U.S. IP Optical Networks - Verizon grew about 20% year-over-year in Q3, with a focus on services rather than products [34][35] Question: Impact of the government shutdown - Management believes that without the shutdown, they would have comfortably met or exceeded guidance for Q3 [37][38] Question: Foreign exchange and tariff impacts - Foreign exchange impacts were approximately $3 million, while tariffs are a smaller headwind of about $0.5 million per quarter [42][45] Question: Sustainability of growth in India - India has shown sustained momentum over the past five quarters, with a strong partnership with BARDI contributing to growth [49][50] Question: Expectations for government business growth - Management anticipates solid growth in government programs as they expand deployments and seek new customers [70][69]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $215 million, a 2% increase year over year, and year-to-date revenue increased by 6% [18][7] - EBITDA for Q3 was $29 million, a decrease of $1 million from the prior year, with a non-GAAP tax rate of 40% [19][20] - Non-GAAP diluted earnings per share were $0.04, down from $0.01 in the prior year [20] Business Line Data and Key Metrics Changes - IP Optical Networks revenue increased by 11% year over year to $91 million, with a non-GAAP gross margin of 39.4% [21] - Cloud and Edge revenue decreased by 3% year over year to $124 million, with a non-GAAP gross margin of 62.2% [22] - Sales to service providers increased by 5% year over year, while sales to enterprise customers decreased by approximately 3% [8][15] Market Data and Key Metrics Changes - Sales in Europe, Middle East, and Africa grew by 26% year over year, while sales in Asia-Pacific increased by 13% [10] - North American sales were impacted by a decline of approximately 10% year over year due to lower U.S. federal sales [10][15] - Sales to India increased by 31% year over year, contributing to strong growth in the Asia-Pacific region [12] Company Strategy and Development Direction - The company is focusing on AI ops automation with the launch of the Acumen platform, aimed at enhancing network reliability and performance [4][5] - There is a strategic emphasis on the convergence of AI and voice technologies, with significant opportunities identified in this area [7][29] - The company expects Q4 to be the strongest quarter of the year, despite uncertainties related to the U.S. government shutdown [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. government shutdown has delayed procurement processes but emphasized that no business has been lost [9][38] - The fundamentals of the Cloud and Edge and IP Optical Networks businesses remain strong, with good demand from service provider and enterprise customers [9][29] - The company anticipates continued growth in voice communications and investment in data centers and fiber networks [29] Other Important Information - The company repurchased approximately 900,000 shares for a total cost of $3.5 million during the quarter [23] - The company expects Q4 revenue to be in the range of $230 to $250 million, with adjusted EBITDA projected between $42 to $48 million [28] Q&A Session Summary Question: Impact of AI on Cloud and Edge growth - Management views AI as a new category that will drive growth in Cloud and Edge, with a focus on AI ops and the convergence of voice and AI [32][33] Question: Performance of Verizon and U.S. IP Optical Networks - Verizon grew about 20% year over year in Q3, with a shift towards services rather than products [34] - U.S. IP Optical business is expected to be lumpy, with revenue influenced by various projects [35] Question: Quantifying the impact of the government shutdown - Management indicated that the shutdown impacted Q3 results, with a potential revenue loss of around $10 million to $15 million in Q4 [61][62] Question: Future growth of government program business - Management anticipates solid growth in government programs, particularly with new voice modernization projects [67][69] Question: BEAD funding and its impact - Management has not factored BEAD funding into the outlook yet, as the timing and execution remain uncertain [78] Question: New product innovations and potential business segments - The Acumen product spans both business units, and while it currently falls under Cloud and Edge, future categorization may evolve [83]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $215 million, a 2% increase year over year, within the guidance range [17] - Year-to-date revenue increased by 6%, and EBITDA rose by 5% compared to the same period in 2024 [6][17] - Non-GAAP gross margin was 52.6%, lower than expected due to reduced software sales to U.S. government customers [17] - Adjusted EBITDA for Q3 was $29 million, a $1 million decrease from the prior year [18] Business Line Data and Key Metrics Changes - IP Optical Networks revenue was $91 million, an 11% increase year over year, with a positive EBITDA contribution of $1 million [19] - Cloud and Edge revenue decreased by 3% year over year to $124 million, with adjusted EBITDA down $10 million year over year [20] - Sales to service providers increased by 5% year over year, while enterprise sales were down approximately 3% year over year [7][14] Market Data and Key Metrics Changes - Sales in Europe, Middle East, and Africa grew 26% year over year, while Asia-Pacific sales increased by 13% [9] - North American sales declined approximately 10% year over year, primarily due to lower U.S. federal sales [9] - Sales to India increased by 31% year over year, contributing to strong growth in the Asia-Pacific region [11] Company Strategy and Development Direction - The company is focusing on AI ops and automation through its new Acumen platform, which aims to help customers transition to autonomous networks [4][5] - Continued investment in voice and data network modernization is expected to drive growth across service provider and enterprise customers [8][24] - The company anticipates strong demand for its Cloud and Edge and IP Optical Networks businesses, despite short-term disruptions [8][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. government shutdown has delayed procurement processes but emphasized that no business has been lost [8][34] - The outlook for Q4 is expected to be strong, with a projected revenue range of $230 to $250 million and non-GAAP adjusted EBITDA of $42 to $48 million [26] - Management remains optimistic about the growth potential in data centers and critical infrastructure investments [26] Other Important Information - The company repurchased approximately 900,000 shares for a total cost of $3.5 million during the quarter [21] - The company is experiencing foreign exchange headwinds of approximately $3 million year over year, primarily due to the shekel [38] Q&A Session Summary Question: Impact of AI on Cloud and Edge growth - Management views AI as a new category that will drive growth in Cloud and Edge, allowing customers to build their own smart agents [30][31] Question: Performance of Verizon and U.S. IP Optical business - Verizon grew about 20% year over year in Q3, with a focus on services rather than products [32] - U.S. IP Optical business is expected to be lumpy, with revenue fluctuating based on project timing [33] Question: Shutdown impact on Q3 and Q4 - Management indicated that the shutdown impacted Q3 results, and they would have comfortably met guidance without it [34][54] Question: Foreign exchange and tariff impacts - Foreign exchange impacts were approximately $3 million, while tariffs posed a smaller headwind of about $0.5 million per quarter [37][39] Question: Government business growth expectations - Management expects solid growth in government business as new projects are initiated, despite current uncertainties [56][58] Question: BEAD funding and outlook - Management is cautiously optimistic about BEAD funding but has not factored it significantly into the outlook yet [62] Question: New product innovation with Acumen - The Acumen platform is generating significant interest, and management is exploring how to categorize it within their business segments [66][67]