Nokia Shares Fall on €2.8B AI Orders and Cash Conversion Timing
Nokia’s shares continued a steep valuation adjustment after reporting €2.8 billion in AI and cloud orders in Q2, about 6.3x quarterly revenue. The company beat the LSEG operating profit consensus with an adjusted EBIT margin of 12.4%, but expects only about half of those orders to convert to cash in 12 months (~€1.4 billion). Liquidity and margin risk rises if conversion timing or costs slip.