Nokia's Saudi Cloud Rollout, Inseego Handover, and ICEYE Satellite Pact Converge Ahead of Q3 Report

Nokia's Deepfield platform now runs across 100+ Saudi cities as it sells its Fixed Wireless Access unit to Inseego and partners with ICEYE.

Nokia's push into software-driven network management reached a new milestone this week, with Saudi operator Zain KSA now running the vendor's Deepfield Cloud Intelligence platform across more than 100 cities in the kingdom. The deployment, announced on September 29, gives the carrier real-time visibility into network operations and sharper tools for steering traffic across the regions it serves.

The Middle East rollout sits alongside a broader reshaping of Nokia's product line. The Finnish group has completed the sale of its Fixed Wireless Access business to US-based Inseego, a transaction that closed on Thursday. As part of the consideration, Nokia picked up roughly 1.9 million Inseego shares — about an 11% stake — plus warrants to acquire up to approximately 0.8 million additional shares at $4.26 apiece. A separate agreement commits Nokia to pay Inseego $10 million in cash by October 15, 2026, earmarked for technical development investment.

Orbital broadband joins the portfolio

Beyond terrestrial networks, Nokia is extending its reach into space. A partnership unveiled Thursday with ICEYE will see the two firms jointly develop secure satellite communications systems in low Earth orbit, aimed squarely at government and defense customers. The first communication satellites from the collaboration are slated to launch in 2028.

Analyst backing and the market's mood

Sentiment around the stock has drawn support from the sell side. Jefferies analyst Janardan Menon reaffirmed a Buy rating on Nokia on September 24, according to media reports, keeping a price target of EUR 13.80. Menon pointed to the company's standing in indium phosphide chip integration and flagged expected growth in optical connections between data centers as reasons for his constructive view. The same brokerage reiterated that Buy call and EUR 13.80 target on September 30 as part of a sector study covering European semiconductors and technology.

Trading has been choppy in the interim. Nokia shares changed hands at EUR 9.36, down 1.1% on the day, yet the stock remains 5.9% above its 50-day moving average of EUR 8.84. On Friday, the equity added 2.2% to close at EUR 9.47, lifted not by company-specific news but by US catalysts: a fresh American jobs report eased inflation concerns and gave broad support to equities. The tech-heavy Nasdaq rose 1.2% that session, per AP, and Nokia's New York-listed depositary receipts advanced in tandem.

Year to date, the shares have climbed 69%. Investors now turn to October 22, when Nokia is scheduled to publish third-quarter results alongside figures for the first nine months of the year — a report expected to shed light on both the financial picture and the pace of the group's ongoing overhaul.