Core Viewpoint - The article discusses the significant decline in sales and market share of Ericsson and Nokia in the Chinese 5G market due to geopolitical tensions and shifts in customer spending patterns, highlighting the challenges faced by Western telecom suppliers in China [3][5][7]. Group 1: 5G Infrastructure in China - China has built 4.83 million 5G base stations by the end of November, with an increase of 579,000 from the previous year, surpassing the total number installed in Europe since the technology's inception [2]. - The expected explosive growth in 5G spending in China makes it an attractive market for companies like Ericsson and Nokia, especially compared to the more regulated European market [2]. Group 2: Sales Decline of Ericsson - Ericsson's revenue from Chinese customers fell sharply from nearly $1.8 billion in 2019 to approximately $0.798 billion in 2025, representing a decline of over 40% [3]. - The company's market share in China has significantly decreased, with its revenue from the region accounting for only 3% of total sales in the latest quarterly report [3]. - In 2021, Ericsson's sales in China nearly halved to about $1.1 billion, attributed to geopolitical actions against Huawei and ZTE [3]. Group 3: Nokia's Market Challenges - Nokia's market share in China is reported to be only 3% as of 2025, with a significant drop in revenue from nearly €2.2 billion ($2.6 billion) in 2019 to about €1.1 billion ($1.3 billion) in 2025 [4][5]. - The company has hinted at a complete exit from the Chinese mobile communications market, citing national security concerns [5]. - Nokia's revenue in the Greater China region is projected to decline by 19% to €913 million ($1.08 billion) by 2025, which is only 42% of the revenue from seven years ago [5]. Group 4: Strategic Moves and Workforce Reduction - Nokia's acquisition of its subsidiary Nokia Shanghai Bell for €501 million ($592 million) aims to simplify its operations in China while potentially reducing expenditures [6]. - Both Ericsson and Nokia have significantly reduced their workforce in China, with Ericsson's employee count dropping from approximately 14,000 in mid-2021 to about 9,500 by the end of the previous year [7]. - The anticipated exit of both companies from the Chinese market raises concerns about their future in the global 6G market, as Chinese operators invest rapidly in mobile network technology [7].

Core Insights - Nokia Corporation reported a 3% increase in comparable net sales for Q4 2025, reaching EUR 6.1 billion, driven by growth in network infrastructure and mobile networks [1] - The company achieved a full-year operating profit of EUR 2.0 billion, slightly exceeding its guidance midpoint of EUR 1.85 billion [2] Financial Overview - In 2025, Nokia experienced a 2% year-on-year rise in net sales on a constant currency and portfolio basis, with a reported increase of 3% [2] - The comparable diluted EPS for Q4 was EUR 0.16, with a free cash flow of EUR 0.2 billion and a net cash balance of EUR 3.4 billion [5] Margin Analysis - The comparable operating margin fell by 90 basis points year-on-year to 17.3%, mainly due to increased investments in network infrastructure and costs from the integration of Infinera [3][9] - The comparable gross margin improved by 90 basis points to 48.1%, supported by a strong product mix, while the reported gross margin decreased by 120 basis points to 44.9% due to higher restructuring costs [4] Networks Overview - Optical networks emerged as a significant growth driver, fueled by strong demand from AI and cloud deployments, while IP networks grew by approximately 3% [6][10] - Fixed networks remained stable, and the company's book-to-bill ratio stayed above 1, indicating ongoing momentum in optical and IP networks [6] Cloud and Network Services - Cloud and network services saw a slight year-on-year decline in Q4, but full-year net sales increased by 6% due to strong demand in core networks [7] - Mobile networks experienced a 6% growth in Q4 net sales, supported by a favorable product mix [7]

Core Insights - Ciena Corporation (CIEN) and Nokia (NOK) are key players in the telecommunications equipment sector, focusing on optical networking solutions to enhance bandwidth and efficiency for service providers globally [1] - The optical communication systems market is projected to grow from $38.99 billion in 2026 to $74.21 billion by 2034, with a CAGR of 8.38% [2] Ciena Corporation (CIEN) - Ciena's Networking Platforms segment contributed 77.1% to total revenue in fiscal 2025, highlighting its core business in optical networking and routing solutions [3] - The company is experiencing strong demand for packet optical transport and integrated networking solutions, with significant growth expected in optical and AI-related networking segments through 2028 [4] - Ciena anticipates fiscal 2026 revenue between $5.7 billion and $6.1 billion, reflecting a growth rate of approximately 24% at the midpoint, up from a previous outlook of 17% [8] - The acquisition of Nubis enhances Ciena's capabilities in AI workloads and interconnect technologies, further solidifying its market position [6] Nokia (NOK) - Nokia's Network Infrastructure business, particularly the Optical Networks unit, reported net sales of €2.4 billion ($2.8 billion) in Q4 2025, a year-over-year increase from €2.03 billion [9] - The company is seeing strong growth in optical technologies, with a 17% year-over-year revenue increase in Optical Networks, driven by demand from AI and cloud customers [10] - Nokia expects a comparable operating profit of €2-€2.5 billion for 2026, with a sales growth forecast of 6-8% in the Network Infrastructure segment [13] - The acquisition of Infinera has strengthened Nokia's optical networking capabilities, and the company plans significant capital expenditure in optical manufacturing [11] Market Comparison - Over the past month, CIEN shares have increased by 7.8%, while NOK shares have decreased by 2.8% [16] - In terms of valuation, CIEN is trading at a Price/Book ratio of 13.1X, significantly higher than NOK's 1.57X [18] - Analysts have revised CIEN's earnings estimates upward, indicating a positive outlook, while NOK has seen downward revisions [20][21]

Group 1 - The core viewpoint of the article emphasizes that the China Railway Group has declared the 12306 platform as the only official ticket sales channel, stating that it has not partnered with any third-party platforms and will enhance its system to combat ticket scalping [2][3] - The China Railway Group's passenger department director, Zhu Wenzhong, highlighted the negative impact of third-party platforms on the stability of the 12306 system and announced plans to optimize the risk control system for effective identification [3] - The railway authority is focusing on four key areas for ticket sales organization: addressing the needs of students, workers, and the elderly; introducing a limited-time free refund policy for erroneous purchases; continuously improving ticket sales strategies; and ensuring the stable operation of the 12306 system [5] Group 2 - The article mentions that the 2026 Spring Festival travel period is expected to see a record 9.5 billion person-times of cross-regional movement, with self-driving travel being the main mode of transport, accounting for about 80% [6] - The article also notes that the total passenger volume for railways and civil aviation is projected to reach 540 million and 95 million respectively during the Spring Festival travel period, with both figures expected to exceed historical peaks [6]

Core Insights - Nokia's fourth quarter revenue increased by 3% year-over-year to $7.13 billion, surpassing analysts' expectations of $6.95 billion, with per-share earnings of $0.21 exceeding estimates of $0.17 [1] - The company anticipates top-line growth of 6% to 8% for the current year [1] - Despite positive earnings, Nokia's stock fell by 8% due to a broader market sell-off affecting AI stocks, particularly initiated by Microsoft [1][2] Financial Performance - Fourth quarter revenue: $7.13 billion, a 3% increase year-over-year [1] - Earnings per share: $0.21, beating estimates of $0.17 [1] - Guidance for the year: expected growth of 6% to 8% [1] Market Context - The decline in Nokia's stock is attributed to a market-wide sell-off of AI stocks, primarily influenced by Microsoft’s spending on AI not yielding expected returns [2][4] - Nokia's involvement in AI, particularly through its partnership with Nvidia for 6G connectivity, makes it susceptible to market sentiments regarding AI investments [4][5] Strategic Partnerships - Nokia partnered with Nvidia to develop AI-powered platforms for 6G connectivity, which is essential for enhancing mobile network capacity for data-intensive AI applications [4] - The partnership has previously led to a positive market reaction, but current market conditions pose risks to this sentiment [5] Industry Dynamics - Nokia's CEO highlighted the interdependence of technology companies in Europe and the U.S., suggesting that trade tensions could impact Nokia's growth [6] - The recent sell-offs in the market may not indicate a long-term trend, suggesting potential recovery opportunities for Nokia [7]

Core Insights - The focus is on in-depth research of various companies across different sectors, particularly in commodities and technology, with a strong emphasis on metals and mining stocks [1] Group 1: Company Research - The company has over a decade of experience in researching a wide range of industries, including oil, natural gas, gold, copper, and technology firms like Google and Nokia [1] - The company has transitioned from writing a blog to creating a value investing-focused YouTube channel, indicating a shift in content delivery and audience engagement [1] - The company has researched hundreds of different companies, showcasing a broad analytical scope and expertise in identifying investment opportunities [1] Group 2: Industry Focus - The primary focus of the company includes metals and mining stocks, but it also covers other sectors such as consumer discretionary/staples, REITs, and utilities, demonstrating versatility in industry analysis [1]

Group 1 - Nokia Corp (NYSE:NOK) has received two ratings upgrades in January, indicating positive market sentiment towards the company [1][2] - Morgan Stanley upgraded Nokia to Overweight from Equal Weight on January 15, raising the price target to €6.50 from €4.20, citing increased exposure to network demand driven by data centers and AI, which now account for about 6% of group revenues [1] - Kepler Cheuvreux also upgraded Nokia to Buy from Hold on January 6, increasing the price target to €6.60 from €5, projecting a 7% annual increase in network infrastructure sales from 2025 to 2028, with specific growth rates of 8% in IP networks and 12% in optical networks [2] Group 2 - Nokia is currently focused on network infrastructure, technology, and software, having built the infrastructure for mobile and fixed networks, including 5G, fiber, cloud, and data center solutions [3]

Core Insights - Nokia Corporation (NOK) reported stronger-than-expected fourth-quarter 2025 results, with both revenues and earnings exceeding the Zacks Consensus Estimate, driven by growth in optical networks within the Network Infrastructure segment [1][9]. Financial Performance - Nokia's net income for Q4 2025 was €544 million ($633.2 million), or €0.10 (11 cents) per share, down from €813 million or €0.15 in the same quarter last year, primarily due to higher operating expenses [2]. - The comparable profit for Q4 2025 was €882 million ($1.02 billion) or €0.16 (19 cents) per share, a decrease from €977 million or €0.18 in the prior year, but still beating the Zacks Consensus Estimate of 17 cents [2]. - For the full year 2025, net income was €660 million or €0.12 per share, down from €1,284 million or €0.23 in 2024, with comparable profit at €1,595 million or €0.29 per share, down from €2,175 million or €0.39 in 2024 [3]. Revenue Analysis - Quarterly net sales reached €6.13 billion ($7.13 billion), a 2% increase from €5.98 billion in the year-ago quarter, supported by growth in Network Infrastructure despite weaknesses in Cloud and Network Services [4][9]. - For 2025, total revenues were reported at €19.88 billion, reflecting a 3% year-over-year increase [4]. Segment Performance - Net sales from Network Infrastructure totaled €2.4 billion ($2.8 billion), up from €2.03 billion in the previous year, with IP Networks growing 3% year-over-year, driven by demand from AI and cloud customers [5]. - Mobile Networks generated revenues of €2.5 billion ($2.912 billion), down 2% year-over-year on a reported basis but up 6% on a constant currency basis [6]. - Cloud and Network Services reported net sales of €837 million ($974.28 million), down 11% year-over-year on a reported basis [6]. - Nokia Technologies contributed €384 million ($446.9 million), a decrease from €463 million in the year-ago quarter [7]. Regional Performance - EMEA region net sales increased to €2.532 billion from €2.431 billion in the previous year, driven by strong performance in Network Infrastructure and Mobile Networks [8]. - APAC region revenues declined to €1.38 billion, remaining flat year-over-year, with growth in Mobile Networks and Cloud and Network Services offset by weaknesses in Network Infrastructure [8]. - The Americas region saw a 3% growth at constant currency to €2.21 billion, bolstered by Network Infrastructure [10]. Operational Metrics - The comparable gross margin for Q4 was 48.1%, up from 47.2% in the previous year, while the comparable operating profit decreased 3% year-over-year to €1.05 billion ($1.23 billion) [11]. - Nokia generated €373 million ($434 million) in net cash from operating activities in Q4, compared to €209 million in the prior-year quarter [12]. - As of December 31, 2025, Nokia had €5.46 billion ($6.41 billion) in cash and cash equivalents, with long-term interest-bearing liabilities of €2.32 billion ($2.73 billion) [13]. Future Outlook - For 2026, Nokia expects a comparable operating profit in the range of €2-€2.5 billion, with free cash flow estimated at 55-75% of comparable operating profit and capital expenditure projected between €900-€1000 million [14]. - The company anticipates 6-8% sales growth in the Network Infrastructure segment for 2026 [14].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 Report on Form 6-K dated January 29, 2026 (Commission File No. 1-13202) Nokia Corporation Karakaari 7 FI-02610 Espoo Finland (Translation of the registrant's name into English and address of registrant's principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cove ...

Core Viewpoint - The European Union is considering increasing support for domestic industries, with Nokia's CEO emphasizing the interdependence between Europe and the U.S. in the technology sector [1][3]. Group 1: Industry Dynamics - Nokia's CEO, Justin Hottad, stated that no company can rely solely on either the European or U.S. market, highlighting the necessity of broad market access for success in the technology industry [1][3]. - Governments are reassessing the risks of collaborating with Chinese suppliers, positioning Nokia and its Swedish competitor Ericsson as secure network equipment providers for the Western bloc [1][3]. - The EU is focused on enhancing local technological capabilities and reducing dependence on third-party countries, including the U.S., which presents a delicate balance for Nokia and Ericsson as their significant revenues come from both sides of the Atlantic [1][3]. Group 2: Market Opportunities - The EU Commission has proposed gradually removing high-risk suppliers from critical areas like 5G networks, which could further diminish Huawei's market share in Europe [4]. - The past few years have seen weak 5G investment in Europe, but the large-scale removal of Chinese equipment could create new market opportunities for Nokia and Ericsson [5]. - Hottad expressed optimism about the EU's recent initiatives but urged for faster implementation and a shift from advisory to mandatory regulations for operators [5].