Nokia’s new chief executive has said he would “absolutely entertain” increasing the Finnish telecoms company’s US manufacturing to mitigate the impact of Donald Trump’s tariffs, as the company reported worse than expected first-quarter results on Thursday.
Justin Hotard, who took over at Nokia on April 1, said he expected the tariffs to hit operating profits by €20mn to €30mn in the second quarter and that achieving the higher end of the company’s 2025 guidance would now be “challenging”. Nokia previously said it expected operating profits of €1.9bn to €2.4bn this year.
The company’s share price fell 6 per cent in early trading on Thursday.
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