Nokia's latest financial report underscores the company's underwhelming performance, with net profit for the second quarter plummeting 28% year-on-year. Despite a marginal increase in revenue, a closer look reveals a decline when exchange rate factors are excluded. The operating profit margin has also taken a significant hit, leaving the company heavily reliant on patent licensing for its profits. Additionally, the company is grappling with customer churn among US operators, which has led to a steep drop in revenue and profit within its mobile network business segment.

New CEO Justin Hotard has acknowledged these challenges, outlining plans to boost investment in artificial intelligence, forecasting a surge in demand for network infrastructure in the coming years. Nevertheless, shareholders remain discontent with the company's current state, with some investors raising concerns about financial transparency and demanding thorough reforms.