Nokia grew third-quarter net sales 9% year over year. AI and cloud net sales grew 123% year over year.

NOK's Q3 earnings show accelerating AI demand and stronger 2027 growth prospects, despite capacity constraints, margin pressures and rising cash needs.

CIEN and NOK ride booming AI-driven optical networking demand, but differences in growth, valuation and supply constraints could determine the better buy.

Hydro's adjusted EBITDA for the third quarter of 2026 was NOK 9,089 million, up from NOK 5,996 million in the same quarter last year. Higher all-in metal prices and higher alumina prices contributed positively in the quarter, along with improved earnings in Recycling and Extrusions. The strong performance was partially offset by higher anode and energy costs in Aluminium Metal, increased energy costs in Bauxite & Alumina due to gas supply disruptions, a stronger NOK vs USD, and negative price area differences in Energy.

Hydro's adjusted EBITDA for the third quarter of 2026 was NOK 9,089 million, up from NOK 5,996 million in the same quarter last year. Higher all-in metal prices and higher alumina prices contributed positively in the quarter, along with improved earnings in Recycling and Extrusions. The strong performance was partially offset by higher anode and energy costs in Aluminium Metal, increased energy costs in Bauxite & Alumina due to gas supply disruptions, a stronger NOK vs USD, and negative price area differences in Energy.

Nokia NYSE: NOK reported third-quarter 2026 net sales growth of 9% on a constant-currency basis and said comparable operating margin expanded 220 basis points to 11.7%, as demand tied to artificial intelligence and cloud infrastructure lifted its Network Infrastructure business.

Nokia delivered a beat on revenue and earnings. However, the stock sold off harshly with the rest of the AI-related tech sector.

Nokia (NOK) recorded strong Q3 earnings on Thursday, but investors found reasons to sell. Revenue came in up 10% on a year-over-year basis to €5.154 billion, while comparable operating profit jumped to €605 million – a much better-than-expected 35% increase.