Mixed Q2 Performance: Nokia reported net sales of EUR 4.55 billion for Q2 2025, reflecting a 1% decline on a constant currency and portfolio basis. The decline was driven by a 13% drop in Mobile Networks, primarily due to a prior year's accelerated revenue recognition of EUR 150 million. Network Infrastructure and Cloud and Network Services saw growth, with NI growing by 8% and CNS by 14%.

Revised Full-Year Outlook: The company downgraded its full-year operating profit guidance from EUR 1.9 billion to a range of EUR 1.6 billion to EUR 2.1 billion, citing significant currency fluctuations (EUR 230 million headwind) and tariff impacts on operating profit (EUR 50 million to EUR 80 million). This indicates increased uncertainties in achieving previous targets, particularly due to macroeconomic challenges.

Opportunities in Hyperscale and Fiber Investments: Nokia identifies connectivity as a critical differentiator in the AI super cycle, especially concerning hyperscalers and defense sectors. Growth opportunities lie in Optical Networks and Fixed Networks, with Nokia aiming to capitalize on increased investments from U.S. telcos spurred by recent legislation.