Nokia Oyj's stock plummeted 5.01% during intraday trading on Friday, extending recent losses as the communication equipment sector faces sustained selling pressure and investors adopt a cautious stance ahead of the company's upcoming earnings report.
The decline reflects broad-based weakness across the communication equipment sector, with peers also experiencing significant drops. Nokia is scheduled to release its second-quarter and half-year financial report on July 23, with consensus EPS expected at $0.07, fueling wait-and-see sentiment among investors.
Additional factors contributing to the sell-off include Nordea Bank recently lowering its target price on Nokia, continued selling pressure from the company's previously disclosed transfer of over 43.55 million treasury shares, and profit-taking following a previous rally driven by the NVIDIA AI-RAN partnership announcement. Sector fatigue and pre-earnings caution are jointly dominating current price action.