Nokia Shares Surge Most Since 2021 as AI, Cloud Boost Profit

Nokia Oyj shares surged the most in more than four years after adjusted profit in the most recent quarter blew past analyst estimates, driven by demand for artificial intelligence and cloud services.

Adjusted operating profit for the third quarter rose to €435 million ($505 million), the Finnish telecoms equipment maker said in a statement. That beat the average analyst estimate of €324 million in data compiled by Bloomberg.

Shares in the company rose as much as 12% on Thursday morning in Helsinki, the most intraday since 2021.

Chief Executive Officer Justin Hotard touted strong sales across several business units, and ...