Why Is NOKIA CORP Series A ADR (NOK) Stock Down Today?

Nokia Corp Series A ADR shares fell 13.41% to $8.01, marking a six-month low. The primary driver was CEO Justin Hotard’s warning that supply constraints represent a structural cost increase rather than a temporary shortage, which overshadowed a quarterly earnings beat.

What Happened

Nokia reported Q3 2026 non-GAAP EPS of $0.09, beating estimates by $0.03, with revenue of $5.15 billion, exceeding expectations by $90 million. Comparable operating profit jumped 35%, driven by a 123% surge in AI and cloud sales. Despite these results, the stock sold off sharply after Hotard stated on the earnings call that the traditional telecom market is expected to stay flat while the company plans to raise prices to manage cost inflation. The company maintained its outlook, projecting Q4 net sales between $7.118 billion and $7.355 billion, which is above the $7.300 billion estimate.

What The Data Shows

The stock opened at $8.77, a 5.2% gap down from the prior close of $9.25. It touched a session high of $9.25 at 9:10 AM ET before sliding to a low of $8.00 at 12:55 PM ET. Volume reached 112.3 million shares, which is 1.3 times the three-month daily average. The move printed 29 fresh 52-week lows on October 22, 2026. Fundamentals show a market cap of $51.1 billion and a P/E of 68.7. The 52-week range is $5.45 to $17.45. Unusual options activity included seven notable prints with call and put premiums each at $1.1 million.

What To Watch

Nokia expects Q4 net sales to increase 20% to 24% quarter over quarter. The company also forecasts 2026 comparable operating profit of EUR 2.1 billion to EUR 2.6 billion, which is above the mid-point on a strong fourth quarter.