Nokia profit doubles in 3rd quarter on AI spending

Nokia’s net earnings reached 156 million euros in the third quarter, nearly twice the 80 million euros recorded a year earlier, Business Recorder reported on Thursday. Revenue advanced 10 percent to 5.2 billion euros, surpassing analyst forecasts, while operating profit climbed 35 percent to 605 million euros against expectations of 462 million euros.

The Finnish telecom equipment company said revenue from customers in artificial intelligence and cloud networking grew 123 percent year over year during the quarter. Chief Executive Justin Hotard said Nokia is directing investment towards areas where it can differentiate, and pointed to Google’s planned 13-billion-euro data-centre investment in Finland as an example of demand for AI infrastructure.