On July 28, Nokia Oyj fell 3.41% in pre-market trading, trading at $9.04/share, with turnover of $1.06 million. The decline reflects continued profit-taking pressure following the company's strong Q2 earnings report released on July 23.

Nokia reported Q2 adjusted comparable operating profit of EUR 4.34 billion, up 18% year-over-year, significantly beating the market consensus of EUR 3.82 billion. Adjusted EPS came in at $0.08, topping the $0.07 estimate by 14.29%. The AI and cloud business segment posted order intake of EUR 2.8 billion with sales more than doubling year-over-year. The company raised its full-year comparable operating profit guidance to EUR 2.1-2.6 billion from the prior EUR 2.0-2.5 billion range.

Despite the strong results, the stock has experienced a classic sell-the-news pattern. Shares had rallied to approximately $10.28 ahead of the earnings release and have since declined over 10% cumulatively across multiple sessions to the $9.30 area, with selling pressure persisting into the current pre-market session.

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