Core Insights - Nokia Corporation (NOK) is scheduled to report its fourth-quarter 2025 results on January 29, with a previous earnings surprise of 16.67% and an average trailing four-quarter negative earnings surprise of 4.05% [1][2] Revenue and Earnings Expectations - The Zacks Consensus Estimate for total revenues in the December quarter is $6.95 billion, up from $6.38 billion a year ago, while earnings are projected at 17 cents per share, down from 19 cents per share in the same quarter last year [7][11] Business Challenges - Nokia's core Mobile Networks business continues to face challenges, including slowing customer deployments and strong competition, leading to soft gains in network infrastructure and cloud services [3] - Higher component costs, supply chain issues, and ongoing R&D spending are contributing to financial pressure, with rising infrastructure investments and volatile business conditions potentially offsetting revenue gains [4] Strategic Developments - Nokia secured a $1 billion investment from NVIDIA Corporation during the quarter, providing strategic flexibility, although near-term benefits are limited due to execution challenges and long development cycles [5] - A collaboration with Bharti Airtel to enable 5G capabilities via network APIs is noted, but long adoption cycles and uncertain monetization are expected to restrict immediate financial benefits [6] Earnings Prediction - The current model does not predict an earnings beat for Nokia in the fourth quarter, with an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell) [8][9]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese economy, specifically analyzing the Consumer Price Index (CPI) and Producer Price Index (PPI) trends for August 2023. Core Insights 1. **CPI Trends**: - China's headline CPI fell to -0.4% year-over-year (yoy) in August from 0.0% yoy in July, indicating a significant shift towards deflation primarily driven by food prices [1][4] - Month-on-month, the CPI decreased to -0.3% (annualized, seasonally adjusted) in August compared to +0.4% in July [4] 2. **Food Inflation**: - Food inflation dropped to -4.3% yoy in August from -1.6% yoy in July, with pork prices falling by 16.1% yoy, fresh vegetables by 15.2% yoy, and fresh fruits by 3.7% yoy [5][9] - The decline in food prices is attributed to high base prices from the previous year and increased supply in response to elevated prices in the second half of 2024 [5] 3. **Non-Food Inflation**: - Non-food CPI inflation increased to +0.5% yoy in August from +0.3% yoy in July, with both services and non-food goods inflation accelerating [10] - Energy price deflation eased, with fuel costs decreasing by 7.1% yoy in August compared to -9.0% yoy in July [10] 4. **PPI Trends**: - Year-over-year PPI inflation improved to -2.9% yoy in August from -3.6% yoy in July, indicating a lessening of deflation in upstream sectors [11] - Month-over-month, PPI inflation rose to +1.1% (annualized, seasonally adjusted) in August from -1.4% in July [11] 5. **Sector Contributions**: - The improvement in PPI was broad-based, with ferrous metals contributing significantly to the higher PPI inflation [11] - PPI inflation in producer goods rose to -3.2% yoy in August from -4.3% yoy in July, while consumer goods PPI inflation edged down to -1.7% yoy [11] Additional Important Points - The report emphasizes the impact of policy efforts aimed at boosting domestic demand, such as consumer trade-in programs, which have contributed to the rise in durable goods prices [10] - Core CPI inflation, excluding food and energy, edged up to +0.9% yoy in August from +0.8% in July, indicating a slight increase in underlying inflation pressures [10] This summary encapsulates the key findings and trends in the Chinese economy as reflected in the CPI and PPI data for August 2023, highlighting the significant deflationary pressures in food prices and the gradual easing of PPI deflation.