Nokia

Two Markets, Two Product Lines

Final report will be issued once all Chinese companies complete 4Q24 reporting.

Carrier caution has resulted in underinvestment, and networks are now running “hot” enough to require upgrades and expansion.

Nokia sees light at the end of the spending downturn tunnel, but Optical and Routing revenue remain at historically low levels.

Carrier caution has resulted in underinvestment, and networks are now running “hot” enough to require upgrades and expansion.

Coherent pluggable optics were responsible for all the telecom bandwidth growth in 2024, and will account for most of the future growth.

Datacom revenue more than doubled for the second quarter in a row as AI demand for 400GbE and 800GbE modules continued unabated. Telecom revenue has emerged from the depths of its recent decline.

Optical spending by Cloud & Colo operators grew 7% worldwide, while spending by Service Providers declined -17%.

Optical sales fall -14%, but are buffered by strong sales to Cloud and Colo operators.

Cignal AI is tracking announcements of Gen120 (120+ GBaud, 1+Tbps) optical trials and deployments.

Nvidia PAM-4 DSP, Ciena 2x 800G-LR, LPO Lives, 1600ZR slipping, L-Band ramping.

Datacom revenue hit new records with a surge in 400GbE shipments and continued growth in 800GbE. Telecom’s only growth area is 400G coherent pluggables.

Optical sales fall -18% as carrier inventories take longer to deplete than anticipated.

Optical sales fall -18% as carrier inventories take longer to deplete than anticipated.

Nokia announced its intention to acquire competitor Infinera and shed its ASN subsidiary. Optical sales fell -23%.

IP-over-DWDM deployments of 400/800/1600ZRx optics and adoption across market segments

Uncovering who uses which DSP, and which DSP vendors ship the most volume.

Datacom revenue and shipments of 400GbE & 800GbE modules hit new records as Telecom struggles to recover.

Ex-China, revenue drops as service provider spending continues to stall.

Ex-China, revenue drops as service provider spending continues to stall.