Nokia's third-quarter profit beats expectations amid booming AI sales (updated)
UPDATE 2-Nokia's third-quarter profit beats expectations amid booming AI sales Adds AI and clod sales growth in third bullet pont
HELSINKI, Oct 22 (Reuters) - Finnish telecom equipment maker Nokia NOKIA.HE reported a bigger than expected rise in quarterly earnings on Thursday and maintained its full-year financial outlook.
Comparable operating profit rose to 605 million euros ($680.20 million) in the third quarter of 2026 from a year-ago 448 million euros, above the average estimate of 453 million euros in a company-provided poll.
Comparable net sales rose 10% to 5.15 billion euros in the quarter, versus a company-provided consensus of 5.05 billion euros
Demand from AI and cloud customers has become an increasingly important growth driver for Nokia
Group net sales to AI and cloud customers grew by 123% year-on-year, while the order intake to those customer groups rose by 118% to 1.5 billion euros
"We expect our combined Optical and IP Networks businesses to grow between 25% and 30% in 2027," CEO Justin Hotard said in a statement
"Overall, growth is accelerating, operating leverage is becoming more visible and I'm confident in the long-term shareholder value Team Nokia is creating," Hotard said
Nokia's share price is up 48% year-to-date
($1 = 0.8894 euros)
(Reporting by Essi Lehto, editing by Terje Solsvik)
((essi.lehto@thomsonreuters.com; +358 50 541 2375))