Nokia is a global provider of telecommunications and networking equipment, software, and patent licensing. Nokia sells to two main customer types: communication service providers (telecom operators building and upgrading mobile and fiber networks) and hyperscalers and cloud companies buying optical and IP networking gear to interconnect data centers. Nokia operates through four segments. Network Infrastructure includes Optical Networks (coherent optical transmission equipment and pluggable transceivers for long-haul, metro, and data center interconnect), IP Networks (routers and switches, where Nokia holds the #1 position in edge routing), and Fixed Networks (fiber access equipment sold to telecom operators). Mobile Infrastructure covers Radio Access Network equipment and software for 5G and 4G, plus cloud-native 5G core software. Nokia Technologies monetizes Nokia's patent portfolio through licensing to consumer electronics, automotive, and IoT companies, generating high-margin royalty income at roughly EUR 1.4B in contracted annual net sales. A fourth segment, Portfolio Businesses, houses units Nokia is de-emphasizing or evaluating for divestiture. Nokia's revenue mix spans hardware sales, software licenses, and patent royalties. Profitability is driven by software mix, optical manufacturing yields, and operating leverage on a largely fixed cost base. Nokia's growth strategy positions Network Infrastructure — particularly Optical Networks fueled by AI infrastructure buildout — as the primary growth engine, while Mobile Infrastructure is managed for margin improvement rather than top-line growth.