Nokia 1Q24: Sharp slowdown in mobile. Full year guide implies strong s...

Bible 4Q23 - Service Provider Infrastructure: Brutal downcycle across ...

Today, we are publishing the Service Provider Equipment section of our 22nd Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 130 companies we track, providing an update on our key perspectives and convictions. The entire value chain, from fixed and mobile equipment down to telco semis, is experiencing a sharp slowdown, driven by inventory corrections and a decline following the peak of the 5G c...

Our cloud & hyperscale capex theses play out, fleshing out AMD’s $400b...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

China WFE? Auto & Industrial correction? 5G spending? Intel? Tesla? An...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

Nokia pre QDec-23 model update

We make minimal changes to our forecast to reflect the pushout of license related litigation settlements.

The Tech Infrastructure Quarterly Bible 3Q23

We publish this morning our comprehensive quarterly bible: 218 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.

Ericsson & Nokia: Accounting for the share shift at AT&T

We update our Ericsson and Nokia models for the impact of Ericsson's share gain at AT&T.

Recovery underway in semis, but not in semicap; Telecom Equipment coll...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

Nokia 3Q23: Sharp slowdown, resilient gross margins – usual cycle play...

Nokia reported 3Q23 yesterday

Nokia 3Q23 QT: Sharp slowdown, resilient gross margins

Nokia reported 3Q23 this morning.

Ericsson & Nokia: How much further pain ahead?

Ericsson and Nokia have suffered in the last 12 months as the market passed the peak of the 5G cycle. We analyze today how much further revenues and margins could decline and the outlook for both stocks. Please

The Tech Infrastructure Quarterly Bible 1Q23

We publish this morning our comprehensive quarterly bible: 192 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Nokia Oyj - March 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's announces completion of a periodic review for a group of Diver...

Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below. The review was conducted through a portfolio review discussion held on 11 May 2023 in which Moody's...

Nokia 1Q23: India driving revenue growth and margin weakness in mobile...

Nokia reported 1Q23 this morning.

Nokia Corporation: Covenant Quality Post-Sale Snapshot: €500m 4.375% N...

Nokia Corporation’s (“Issuer”) unsecured notes use a European-style investment grade package. The package is “high-yield lite” under our criteria.

Nokia Oyj - December 2022 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Nokia Oyj: Update following upgrade to Ba1

Our credit view of Nokia reflects its broad geographical diversification, offset by the company's exposure to intense competition

Moody's upgrades Nokia's ratings to Ba1; stable outlook

Moody's Investors Service ("Moody's") has today upgraded Nokia Oyj's (Nokia or the company) corporate family rating (CFR) to Ba1 from Ba2. Concurrently, Moody's has upgraded the company's probability of default rating (PDR) to Ba1-PD from Ba2-PD, its senior unsecured long-term ratings to Ba1 from Ba...

Nokia Oyj - June 2022 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.