Tailwinds Currently Exist for Nokia, but Business Is Still Cyclical

Equity Analyst

Matthew Dolgin

Revenue segments as reported by the company.

Communication service providers

Enterprise

Licensees

Other

Revenue Segments

Revenue is the money generated from normal business operations. Gross Profit is revenue minus cost of goods sold. Operating Income is revenue minus cost of goods sold and other operating expenses.

Revenue

Gross Profit

Operating Income

Revenue & Operating Income

Net Income, also called net earnings, is calculated as revenue minus cost of goods sold, operating expenses, depreciation, interest, taxes, and other expenses.

Net Income

Gross Profit, Operating Income, and Net Income as a percentage of Revenue

Gross Margin

Operating Margin

Profit Margin

Margins

An operating expense is an expense a business incurs through its normal business operations. Often abbreviated as OPEX.

Research and development

Selling, general and administrative

Other operating income and expenses

Operating Expenses

Year over year growth in Revenue and Operating Expenses.

Revenue Y/Y

OpEx Y/Y

Growth

Shares outstanding refer to a company's stock currently held by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company's officers and insiders.

Outstanding Shares

Market Cap

Also known as Price/Sales Ratio. Calculated using Average market cap for the quarter / Annualized quarterly revenue.

Revenue Multiple

Nokia’s biggest business supplies radio access network equipment and services to telecom carriers to build public wireless networks. The business is historically cyclical, but the world is currently in the early stages of the 5G upgrade cycle. Nokia has lost some market share to Ericsson in recent years, but it is still seeing its business rise due to 5G. It also benefits from the explicit or implicit exclusion of Huawei and ZTE equipment in many Western markets, as governments consider banning the Chinese vendors. In addition, carriers typically source from multiple vendors, so Ericsson’s rise is not a zero-sum game in any event.

While 5G may enjoy an elongated upgrade cycle and should bring enterprises into the mix as customers, we still think providing equipment and services for RANs is a tough business. Wireless generations have historically lasted about 10 years, but the technology is constantly evolving, meaning vendors like Nokia need to invest heavily in research and development in the hopes of developing the best technology for the next upgrade. In addition, with industry standards consistent among competitors and a potential move to open RAN, which will enable more interoperability between vendors, we think the extent to which Nokia can differentiate its offering is slim.

Nokia’s network infrastructure business provides products and technologies for all aspects of fixed-line data networks and competes with many firms in various subsegments. While it’s not as limited as the wireless business, it similarly serves a relatively small customer base dominated by telecom carriers.

Nokia also has a sizable research arm that was enhanced by the acquisition of Bell Labs (via Alcatel-Lucent in 2016). Through this segment, Nokia licenses patents. One aspect of this business that is especially lucrative is the royalties Nokia receives from mobile phone handset manufacturers so their phones can connect to wireless networks. As "Internet of Things" grows and more types of devices require the ability to connect, the opportunities for the licensing business should grow.

Business Strategy & Outlook

We assign Nokia a no moat rating. Nokia is in a variety of businesses that offer various solutions to facilitate the construction of communications networks. Nokia faces multiple competitors in each, and we generally don’t see anything that leads to durable competitive advantages. In the best scenarios, fast-moving technologies may offer a company a short-term advantage, but with little carry-through as technology evolves. In less favorable scenarios, which apply to some of the products Nokia sells, its products are commodities, making customers indifferent to the provider. 

Nokia’s biggest segment is mobile networks, where the firm provides equipment, software, and management services for wireless radio access networks, with wireless service providers the primary customers. Nokia lost some market share in the early stages of 5G rollout, which we attribute in large part to Ericsson simply offering a more compelling product at that time. Although this is not a winner-take-all industry, because carriers usually use multiple vendors, it was nonetheless an especially unfortunate time for Nokia to face a struggle. Even countries that have already rolled out 5G coverage are in the early stages of 5G network buildouts. We think it’s possible that poor traction with carriers during their first purchasing decisions can result in Nokia falling behind competitors as a preferred vendor and lose some software and service sales that follow initial partnerships and hardware sales. 

Meanwhile, in the best of worlds, follow-on sales after winning initial business could support the notion of switching costs being present in the industry, we don’t believe that’s the case. Each new generation of wireless technology historically has had only about 10 years as the leading industry standard, and in our view, vendors need to constantly be working anew to be successful in the next iteration of technology. This requires very high levels of spending on research and development with relatively short time frames where it provides a benefit. Even then, there’s no guarantee that current spending will result in successful technology, always making industry leadership temporary and the success of R&D spending unknown.

Nokia’s network infrastructure segment serves fixed-line communications services providers as well as enterprises, government agencies, and hyperscale internet companies. Although this is a broader potential customer base than in mobile networks, it remains dominated by sophisticated buyers with significant buying power. Nokia provides optical network equipment that is used to light up fiber to transport data, IP network solutions for routing and switching traffic, fixed network infrastructure for copper, fiber, and Wi-Fi networks, and submarine network solutions for undersea data transmission. Again, the short life span of technology precludes a moat for any part of the solution that could otherwise be a candidate for moat sources. In addition, deflationary technology pricing and the complementary nature of Nokia’s solutions as part of a bigger network leave the firm without pricing power, in our opinion. While Cisco is a competitor in some of these areas, particularly IP networks, that company is an outlier in securing a moat in this industry. Cisco has a wide variety of solutions to supplement IP network products, and services, and its platform’s place in mission-critical components of the network, along with the reputational risk to IT managers of using another vendor if something goes wrong, leads to switching costs. We don’t think others, including Nokia, are sufficiently differentiated or entrenched in customers’ networks to benefit from switching costs.

Nokia’s most promising businesses, in our view, are not currently big enough to sway the firm’s moat rating in any event, but are currently not moatworthy themselves. The cloud and network services business is cloud- and software-based and uses an “as-a-service” business model. These are the types of businesses that we generally think can secure moats, but Nokia has not proven or shown reason to believe it will be a winner. The segment is relatively small and still generating losses, and we question whether Nokia’s other services will drive customers to this solution. 

The Nokia technologies segment houses all of the firm’s patents and licenses the firm’s technology, and Nokia has a world-class research division that results in its technology being used in nearly all mobile devices around the world, according to the firm. However, while patent protection makes this an intangible asset, the segment is not big enough to influence the firm’s moat rating, and the fast pace of technology evolution leads us to doubt that the portfolio at any given time leads to a durable advantage, requiring Nokia to continue funding this research division to remain the partner of choice as its customers’ devices evolve.

None

Economic Moat

Nokia

Nokia Oyj engages in the provision of network infrastructure, technology, and software services. It operates through the following segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. The Mobile Networks segment offers technologies for Radio Access Networks (RAN) as well as Microwave Radio Links (MWR) for transport networks. The Network Infrastructure serves communication service providers, enterprises, webscales and public sector customers. The Cloud and Network Services segment builds around software and the cloud and is focused on driving leadership in cloud-native software and as-a-service delivery models, as demand for critical networks accelerates; and with strong market positions in communications software, private wireless networks, and cognitive (or intelligent) services. The Nokia Technologies segment, building on decades of innovation and R&D leadership in technologies used in virtually all mobile devices used today, is expanding the Nokia patent licensing business, reintroducing the Nokia brand to smartphones through brand licensing, and establishing a technology licensing business. The company was founded by Fredrik Idestam in 1865 and is headquartered in Espoo, Finland.

Earnings data Q2 2023

Cost of revenue

Gross profit

Operating expenses

SG&A

Operating income

EBITDA

Net income

Earnings per share

Total assets

Current assets

Cash & equivalents

Receivables

Inventory

Non-current assets

Net PPE

Intangibles

Total liabilities

Current liabilities

Short term debt

Income tax payable

Non-current liabilities

Long-term debt

Total equity

Stockholders equity

Minority interest

Total liabilities & equity

Total debt

Net debt

Book value per share

Cash from operations

Funds from operations

Change in working capital

Cash from investing

Capital expenditure

Purchase/sale of investments

Purchase/sale of business

Other sources

Cash from financing

Change in stock

Change in debt

Cash dividends paid

Cash from other sources

Net change in cash

Free cash flow

Nokia CorporationStock Exchange Release7 June 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 07.06.2023 Espoo, Finland – On 7 June 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 342,712 3.80 CEUX 21,729 3.80 AQEU 2,810 3.81 TQEX 3,649 3.80 Total 370,900 3.80 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 07.06.2023

Press release  Nokia Threat Intelligence Report finds malicious IoT botnet activity has sharply increased Number of IoT devices (bots) engaged in botnet-driven DDoS attacks rose from around 200,000 a year ago to approximately 1 million devices 7 June 2023 Espoo, Finland – The latest Nokia Threat Intelligence Report released today has found that IoT botnet DDoS (Distributed Denial of Service) traffic, originating from a large number of insecure IoT devices with the aim of disrupting telecom network services for millions of users, increased fivefold over the past year, following Russia's invasion of Ukraine and stemming from the growing increase in profit-driven hacking collectives operated by cybercriminals. This sharp increase, also supplemented by the increased use of IoT devices by consumers around the world, was first noticed at the beginning of the Russia-Ukraine conflict but has since spread to other parts of the world, with botnet-driven DDoS attacks being used to disrupt telecom networks as well as other critical infrastructure and services.

Nokia Threat Intelligence Report finds malicious IoT botnet activity has sharply increased

Nokia CorporationStock Exchange Release6 June 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 06.06.2023 Espoo, Finland – On 6 June 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 318,162 3.79 CEUX 29,838 3.78 AQEU 6,498 3.79 TQEX 17,402 3.78 Total 371,900 3.79 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 06.06.2023

Charter Communications has selected Nokia's (NOK) industry leading AirScale portfolio to provide fast, reliable and targeted 5G connectivity to Spectrum Mobile customers.

Nokia (NOK) Solutions to Power Charter's Network Connectivity

Nokia CorporationStock Exchange Release5 June 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 05.06.2023 Espoo, Finland – On 5 June 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 308,593 3.85 CEUX 48,405 3.86 AQEU 4,729 3.86 TQEX 3,373 3.87 Total 365,100 3.86 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 05.06.2023

Charter Communications

Press Release Nokia selected by Charter Communications , Inc. to support 5G connectivity for Spectrum Mobile ™ customers With Nokia, Charter will deliver targeted wireless 5G shared spectrum connectivity, faster speeds, and increased coverage for its Spectrum Mobile customers Marks Nokia's first win in the MSO space for large-scale wireless 5G deployments Nokia's 5G RAN and small cell densification supports US cable market segment 5 June 2023 Dallas, Texas - Nokia today announced that Charter Communications, Inc. is turning to Nokia's comprehensive AirScale equipment portfolio, including 5G RAN, to support its targeted 5G connectivity design and deployment. A leading broadband connectivity company, Charter will use Nokia's 5G RAN solutions to deliver wireless 5G connectivity, faster speeds, and increased network capacity to Spectrum Mobile customers in its trial markets in the United States.

Nokia selected by Charter Communications, Inc. to support 5G connectivity for Spectrum Mobile™ customers

Nokia CorporationStock Exchange Release2 June 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 02.06.2023 Espoo, Finland – On 2 June 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 362,695 3.83 CEUX 1,135 3.84 AQEU 1,630 3.81 TQEX 1,940 3.81 Total 367,400 3.83 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 02.06.2023

Nokia CorporationStock Exchange Release1 June 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 01.06.2023 Espoo, Finland – On 1 June 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 309,876 3.80 CEUX 20,626 3.80 AQEU 14,703 3.80 TQEX 25,295 3.80 Total 370,500 3.80 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 01.06.2023

MetaLINK has selected Nokia's (NOK) citizens broadband radio service (CBRS) RAN portfolio to boost broadband network coverage across rural regions in America.

Nokia (NOK) Solution to Power Rural Broadband Connectivity

Press Release ESB Networks and Sigma Wireless deploy national 4G/LTE private mobile network with Nokia in Ireland ESB and Sigma Wireless Communications will work with leading private wireless provider Nokia to supply and install an LTE core and radio access network The 4G/LTE private mobile network will be an important infrastructural deployment to enable the delivery of ESB Networks' ‘Networks for Net Zero' Strategy and the Irish Government's Climate Action Plan. 1 June 2023Espoo, Finland and Dublin, Ireland – Nokia and Sigma Wireless Communications today announced that ESB Networks, Ireland's foremost energy company, has awarded a contract to Sigma Wireless and its partner Nokia for the development of a leading-edge, mission-critical private mobile network.

ESB Networks and Sigma Wireless deploy national 4G/LTE private mobile network with Nokia in Ireland

Nokia CorporationStock Exchange Release31 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 31.05.2023 Espoo, Finland – On 31 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 322,781 3.81 CEUX 28,971 3.80 AQEU 7,628 3.81 TQEX 10,620 3.80 Total 370,000 3.81 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 31.05.2023

Press Release Nokia selected by MetaLINK to expand fixed wireless broadband access across rural America Deal will see MetaLINK provide superior fixed wireless access coverage boosting network capacity to address growing customer demand in Ohio Nokia's first win with MetaLINK in partnership with Winncom Technologies Nokia AirScale radio and baseband portfolio supports US Internet Service Providers (ISPs) through its flexible and efficient scaling capacity 31 May 2023DALLAS - Nokia today announced that it has been selected by MetaLINK to provide fixed wireless access coverage and boost broadband network capacity in Northwest Ohio, Northeast Indiana, and parts of Southern Michigan. Using Nokia's Citizens Broadband Radio Service (CBRS) RAN portfolio, MetaLINK will address the growing demand for broadband coverage by connecting more homes and businesses in the rural area, delivering faster speeds and increased network capacity to MetaLINK's customers.

Nokia selected by MetaLINK to expand fixed wireless broadband access across rural America

Nokia CorporationStock Exchange Release30 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 30.05.2023 Espoo, Finland – On 30 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 341,697 3.84 CEUX 20,773 3.85 AQEU 4,130 3.85 TQEX 0 0.00 Total 366,600 3.84 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 30.05.2023

Nokia (NOK) introduces new 4G and 5G core network software solutions tailored to the needs of mission-critical operations.

Nokia (NOK) Unveils New Network Solution for Critical Operations

Press release  Nokia announces new 4G and 5G Core Network software solutions for mission critical needs of enterprise verticals Nokia Core Enterprise Solutions target public safety and power utilities needs for private wireless networks covering large areas 30 May 2023 Espoo, Finland – Nokia today announced new, optimized Core Network software solutions for the field and wide area network (FAN/WAN) needs of public safety and power utilities, expanding the portfolio range available to large, mission-critical enterprises and governments, and reflecting Nokia's deeper push into driving continued leadership in private wireless. Nokia Core Enterprise Solutions are based on the company's widely deployed Core products and optimized to help enterprises take advantage of secure carrier grade capabilities and digitalize their network infrastructure to realize increased automation, productivity and efficiency.

Nokia announces new 4G and 5G Core Network software solutions for mission critical needs of enterprise verticals

Nokia CorporationStock Exchange Release29 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 29.05.2023 Espoo, Finland – On 29 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 277,046 3.83 CEUX 56,378 3.84 AQEU 15,299 3.83 TQEX 21,277 3.84 Total 370,000 3.83 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 29.05.2023

Nokia CorporationStock Exchange Release26 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 26.05.2023 Espoo, Finland – On 26 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 352,425 3.77 CEUX 7,537 3.77 AQEU 7,050 3.76 TQEX 6,488 3.75 Total 373,500 3.77 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 26.05.2023

Nokia CorporationStock Exchange Release25 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 25.05.2023 Espoo, Finland – On 25 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 325,822 3.75 CEUX 29,001 3.76 AQEU 12,845 3.75 TQEX 7,632 3.75 Total 375,300 3.75 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 25.05.2023

Nokia CorporationManagers' transactions25 May 2023 at 16:15 EEST Nokia Corporation - Managers' transactions ( Dannenfeldt )

Nokia Corporation - Managers' transactions (Dannenfeldt)

Nokia CorporationStock Exchange Release24 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 24.05.2023 Espoo, Finland – On 24 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 319,098 3.76 CEUX 26,065 3.76 AQEU 11,275 3.76 TQEX 17,962 3.75 Total 374,400 3.76 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 24.05.2023

Nokia CorporationStock Exchange Release23 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 23.05.2023 Espoo, Finland – On 23 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 291,528 3.84 CEUX 30,926 3.84 AQEU 14,978 3.83 TQEX 29,268 3.84 Total 366,700 3.84 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 23.05.2023

American Tower

Amazon

T-Mobile US

LM Ericsson Telefon

Corning

Marvell Technology

Fifth-generation (5G) wireless technology is igniting a digital renaissance worldwide. The sector is brimming with contenders that could potentially become juggernauts in the space.

7 5G Stocks to Buy for Blazing-Fast Growth

Nokia CorporationStock Exchange Release22 May 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 22.05.2023 Espoo, Finland – On 22 May 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code) Number of shares Weighted average price / share, EUR* XHEL 282,823 3.80 CEUX 46,530 3.80 AQEU 10,517 3.80 TQEX 30,630 3.80 Total 370,500 3.80 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia's Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 5 April 2022 started on 2 January 2023 and ends at the latest by 21 December 2023 with a maximum aggregate purchase price of EUR 300 million.

Nokia Corporation: Repurchase of own shares on 22.05.2023

Nokia (NOK) unveils new AI-driven upgrades in its Fixed Network SaaS Suite to support service providers with enhanced customer service capabilities and lower operating costs.

Nokia (NOK) Brings AI-Driven Upgrade in Fixed Network SaaS Suite

Press release  Nokia expands Fixed Network SaaS suite with AI solution to strengthen operators' service offering 22 May 2023 Espoo, Finland – Nokia today announced an expansion of its Fixed Network solutions suite available through a Software-as-a-Service (SaaS) delivery model, with the launch of AVA Fixed Network Insights that will enable operators to strengthen their customer service offering while reducing operating costs. Using AI/ML insights powered by Bell Labs algorithms across DSL, fiber, and fixed wireless access networks, AVA Fixed Network Insights provides operations and customer care teams with automated recommendations to proactively identify and remotely resolve problems within both home and access domains before they lead to network service problems; and to reduce call handling times and improve first call resolution.

News for Nokia Stock (NOK)