Nokia Oyj (NOK) shares plunged 5.04% during intraday trading on Wednesday, extending a losing streak that has persisted since the company released its strong second-quarter earnings report on July 23. The stock has now declined significantly from the roughly $10.28 level seen immediately after the earnings release, as sell-the-news pressure continues to dominate trading.

The decline reflects sustained investor profit-taking despite Nokia delivering robust Q2 results, including an adjusted comparable operating profit of EUR 4.34 billion, an 18% year-over-year increase that substantially beat market expectations. The company also raised its full-year profit guidance and reported a doubling of AI and cloud business sales. However, the positive fundamentals have been overshadowed by persistent selling momentum, causing the stock to break well below the previous $9.30 support level.

Adding to the short-term negative sentiment were disclosures of managers' transactions by executives Pressner, Hautala, and Mahajan under EU Market Abuse Regulation. Furthermore, broad weakness across the Communication Equipment sector contributed to the decline, with peers such as Applied Optoelectronics, Lumentum, Arista Networks, and Ciena also experiencing sharp drops during the session.