TradingKey – Nokia (NOK) fell to as low as $7.78 after reporting third-quarter earnings on October 22, setting a new low since early April this year.

Financial data shows that while Nokia’s optical communications business is receiving support as its AI and Cloud order backlog gradually converts into revenue, Barclays believes that the 2027 growth outlook for this segment has not exceeded expectations. Weakness in the traditional telecom equipment market could still drag down overall performance, leading Barclays to maintain an “Underweight” rating.

Nokia’s third-quarter AI and Cloud orders fell sharply quarter-on-quarter, but aligned with Barclays’ expectations. Rather than single-quarter order volatility, the bank is more focused on how…