Nokia Slides as Lower Cash Flow Outlook Overshadows Q3 Beat

Nokia Corporation (NOK) is down 7.5% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely catalyst is investor concern over cash generation rather than revenue or adjusted profit. Nokia posted a solid third quarter and pointed to stronger AI and network demand, but it also reduced its 2026 free-cash-flow conversion outlook after warning that working-capital needs and faster restructuring will absorb more cash this year.

Details:

Nokia’s third-quarter report showed comparable operating margin improving to 11.7%, while sales in AI and Cloud more than doubled year over year and new orders reached EUR 1.5 billion.

The company lowered its 2026 free-cash-flow conversion target to 35% to 55% of comparable operating profit, down from the prior 55% to 75% range.

Nokia said it plans to invest an additional EUR 400 million in working capital during 2026 to secure supply and support expected growth in 2027.

Reported results were also weighed down by accelerated restructuring and integration costs, with the quarter showing a large gap between comparable and reported operating profit.

Sources:

Nokia, SEC, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

EARLY ACCESS

Receive NOK Data Alerts

Real-time alerts on filings, insider trades, and market signals — before everyone else.

Get Alerts →

$NOK Hedge Fund Activity

We have seen 479 institutional investors add shares of $NOK stock to their portfolio, and 274 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

ARTISAN PARTNERS LIMITED PARTNERSHIP removed 91,298,033 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $1,212,437,878
FMR LLC removed 67,001,580 shares (-30.1%) from their portfolio in Q2 2026, for an estimated $889,780,982
PZENA INVESTMENT MANAGEMENT LLC removed 58,414,612 shares (-92.1%) from their portfolio in Q2 2026, for an estimated $775,746,047
ALKEON CAPITAL MANAGEMENT LLC added 36,000,000 shares (+inf%) to their portfolio in Q2 2026, for an estimated $478,080,000
SLATE PATH CAPITAL LP removed 35,838,802 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $475,939,290
VOYA INVESTMENT MANAGEMENT LLC added 26,287,259 shares (+2684.4%) to their portfolio in Q2 2026, for an estimated $349,094,799
CAPITAL WORLD INVESTORS added 25,599,787 shares (+inf%) to their portfolio in Q2 2026, for an estimated $339,965,171

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$NOK Congressional Stock Trading

Members of Congress have traded $NOK stock 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.

Here’s a breakdown of recent trading of $NOK stock by members of Congress over the last 6 months:

REPRESENTATIVE LAUREL M. LEE has traded it 2 times. They made 0 purchases and 2 sales worth up to $65,000 on 06/02, 05/11.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.