Nokia Oyj's stock soared 5.03% over the 24-hour period, marking a significant upward movement for the telecommunications equipment provider.
The surge follows the company's better-than-expected first-quarter results, with adjusted operating profit jumping 54% year-over-year to EUR 281 million. Nokia's AI and cloud business revenue surged 49%, contributing to the strong performance. JPMorgan significantly raised its target price on Nokia from $8.20 to $14.00, reinforcing fundamental support for the shares.
Additionally, Nokia announced the appointment of Emma Falck as President of its Mobile Infrastructure business and a member of the Nokia Group Leadership Team, effective September 1, 2026. Falck joins from Siemens, bringing extensive experience in leading transformation and improving performance in complex global technology businesses. The market reacted positively to this strategic move, which signals Nokia's focus on strengthening its software-led infrastructure business to accelerate innovation in the AI era.
The current movement represents a technical rebound following concentrated profit-taking after the stock surged on the strong Q1 results. Nokia also recently announced the divestiture of its FWA CPE business to Inseego for approximately $20 million in stock, aligning with its strategic pivot toward AI supercycle infrastructure.
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