Nokia Oyj

NOKIA: XHEL (FIN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nokia Earnings: Earnings Lower on Weaker Licensing Revenue, but Network Infrastructure Brings Hope

Samuel Siampaus

Apr 24, 2025

Nokia saw revenue decline 2% year over year, with comparable gross and operating margins down 8 percentage points and 10 percentage points, respectively. Licensing revenue was the culprit; revenue was down EUR 400 million or 52% annually. Management's caution on tariffs adds to the uncertainty.

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Nokia Oyj

Nokia Earnings: Earnings Lower on Weaker Licensing Revenue, but Network Infrastructure Brings Hope

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