Nokia Oyj's stock experienced a significant 24-hour plunge of 5.29% during Friday's trading session. The decline reflects ongoing market pressure on the communication equipment company.

The pullback represents continued profit-taking following a sharp short-term rally where Nokia surged 18% from its May 29 low to an intraday high on June 3. This rapid advance was initially driven by NVIDIA's strategic acquisition of approximately 3% of Nokia's shares for nearly $1 billion, positive sentiment from the GTC Taipei conference, and strong first-quarter results showing adjusted operating profit up 54% year-over-year with AI and cloud revenue growing 49%.

The accumulated profit-taking pressure continues to unwind as the broader communication equipment sector remains weak. European market sentiment further weighed on the US-listed ADR, with Nokia's Helsinki-listed shares falling 8% on the same day. Despite robust fundamentals and the stock being up over 140% year-to-date, elevated valuations have increased market sensitivity to short-term corrections.