Nokia (NYSE: NOK) is expected to report Q2 earnings on July 19. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Nokia's revenue will wane 31.0% and EPS will shrink to a loss.

The average estimate for revenue is $9.29 billion. On the bottom line, the average EPS estimate is -$0.12.

Revenue details
Last quarter, Nokia notched revenue of $9.80 billion. GAAP reported sales were 34% lower than the prior-year quarter's $14.75 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at -$0.10. GAAP EPS were -$0.33 for Q1 against $0.13 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 27.7%, 190 basis points worse than the prior-year quarter. Operating margin was -3.5%, 1,030 basis points worse than the prior-year quarter. Net margin was -12.6%, 1,590 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $37.34 billion. The average EPS estimate is -$0.34.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS. Among 605 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 535 give Nokia a green thumbs-up, and 70 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Nokia is hold, with an average price target of $6.37.

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