contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


nokia-q4-thursday-patent-revenues-postponed-2024

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Nokia is a global telecommunications company. The company offers solutions in IP, broadband, digital health, and cloud-based systems. The customers are found in a broad base of markets and consist of large corporate customers, authorities, and private consumers. The business is established on a global level in all regions. Nokia was founded in 1865 and the head office is located in Esbo, Finland.

Lest we get too carried away, NVIDIA has already built a CPO-based product (NVIDIA NVLink Switch) for Blackwell. This is a pilot project of sorts. TSMC built the CPO for it (integration), and apparently, the laser diode comes from Lumentum. So at least Coherent, Lumentum, Nokia… TSMC’s COUPE is somewhat like a platform where lasers from different manufacturers, including Nokia’s, can be used. A significant business opportunity, but it will likely only reach mass production around 2030. Until then, it’s about experimentation and development. Still, even before that, Nokia has the chance to get coherent pluggable optics business from NVIDIA, specifically for the optical connections on the front panels of the units. Nokia has a strong foothold in coherent optic engines, and for example, Coherent buys them from Nokia and implements them into its own products. Furthermore, when discussing power consumption, the comparison is always CPO versus an optical pluggable. But in Blackwell, for instance, most connections between units in a rack occur via passive copper backplane cabling. CPO will never beat this in power consumption, for example, because the entire electrical-to-optical conversion—which is a power-hungry process—is not needed. If and when the attenuation limits of copper for high-frequency multi-modulated signals are reached (448Gbps PAM6 or higher), then CPO could be an option. Still, CPO is only sharing the optical pie, not yet developing new business for the optical sector. For instance, Arista says that CPO is not a serious solution at all; instead, lasers should be kept in the pluggable unit panel for ease of maintenance (in case of failure).                   NVIDIA Technical Blog – 27 Mar 25              A New Era in Data Center Networking with NVIDIA Silicon Photonics-based...    NVIDIA is breaking new ground by integrating silicon photonics directly with its NVIDIA Quantum and NVIDIA Spectrum switch ICs. At GTC 2025, we announced the world’s most advanced Silicon Photonics…

The White House – 20 Dec 25              Winning the 6G Race    MEMORANDUM FOR THE SECRETARY OF STATETHE SECRETARY OF WARTHE SECRETARY OF COMMERCETHE SECRETARY OF TRANSPORTATIONTHE SECRETARY OF ENERGYTHE SECRETARY OF

MEAWW News – 11 Dec 25              Trump appears confused about 6G during White House roundtable meeting with...    Trump tried to make sense of the new technology but appeared confused, even asking whether it offers a deeper view of someone’s skin

JPM unchanged (following the meeting with Hotard), target €6.90.

An AI application gave that kind of response regarding the forced ranking of employees. I agree, and apparently there has been similar discussion about the matter in the columns of Helsingin Sanomat. Not exactly a good thing for the work culture within Nokia.

This is an interesting perspective. My own understanding (based on a discussion with GPT 5.2) is that Nokia is in a quite unique position regarding system-level vertical integration, while Coherent is particularly strong in component-level integration. But this is just an amateur’s understanding.. “Coherent cannot achieve the same system-level vertical integration as Nokia in optical engines and CPO. Coherent’s strength lies in its deep control of InP materials and optical components, but the greatest value of CPO and optical engines is generated at the ASIC interface, in packaging, and in the overall system architecture – areas that Nokia masters and Coherent does not own.” “Nokia is in a quite unique position in the system-level vertical integration of CPO technology, as it combines IP systems, optical architecture, SiPh integration, and InP-based active optics under one roof. While it is not the only CPO player, few others are able to optimize the entire chain from component to system as independently… Cisco is the closest point of comparison; Cisco does not own InP production but is stronger on the ASIC side.”

In my career, I’ve been paid handsomely to improve the work culture of US companies that have tied themselves into knots. This is a very common practice. This often leads to worsening silos, where individuals don’t consider the big picture; instead, they fight tooth and nail to ensure their personal or departmental performance targets are checked off.  These targets might not have any practical value, but by meeting them, they can’t be labeled a “bad employee.” Just check your own box, don’t stand out, and don’t raise issues. Few creatures are as fearful as a white-collar worker in a US firm. Getting fired means losing your livelihood, standard of living, insurance, etc. –  Of course, we hope Nokia isn’t on this path, and certainly many companies have some “slack.”

Nokia

We have updated our forecasts to take into account the extension of patent negotiations in Nokia Technologies into this year and the divestment to be made in Cloud and Network Services. For other areas, we will review our forecasts in the context of the Q4 report

<p>We have updated our forecasts to take into account the extension of patent negotiations in Nokia Technologies into this year and the divestment to be made in Cloud and Network Services. For other areas, we will review our forecasts in the context of the Q4 report</p> 

	2022	23e	24e
Revenue	24,911.0	22,695.7	22,461.4
growth-%	12.2 %	-8.9 %	-1.0 %
EBIT (adj.)	3,109.0	2,263.0	2,504.0
EBIT-% (adj.)	12.5 %	10.0 %	11.1 %
EPS (adj.)	0.44	0.28	0.33
Dividend	0.12	0.14	0.16
Dividend %	2.8 %	2.5 %	2.9 %
P/E (adj.)	9.9	19.5	16.9
EV/EBITDA	6.2	10.3	10.3

Nokia Q4 on Thursday: Patent revenues postponed to 2024

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Key Estimate Figures17.01.2024

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