Nokia Shares Plunge 15% Despite Third-Quarter Earnings Beat

Nokia Corporation shares dropped 15.4% on Thursday, October 22, 2026, despite the company reporting third-quarter financial results that beat analyst expectations. The company grew revenue by 9.7% to 5.15 billion Euros and increased adjusted earnings per share by 50% to $0.09.

Growth was driven largely by AI and cloud customers, where revenue increased by 123% and order intake surged by 118%. However, the stock decline mirrored a broader sell-off across the AI-related technology sector as investors questioned the sustainability of AI spending and growth following a three-year boom.

Contributing to the price drop, the company reiterated its full-year 2026 guidance without raising it, signaling a cautious outlook despite the quarterly gains.