Nokia plunges on tariff warning, declining revenue

Nokia shares plunged over 9% in early trading on news that tariffs will pinch Q2 profits.

Justin Hotard, Nokia’s president and CEO, wrote:

“Regarding the tariff situation, there could be some short-term disruption. We will continue to utilize the flexibility of our global manufacturing network to minimize impact of the evolving tariff landscape. Based on what we see today, we currently expect a EUR 20 to 30 million impact to our comparable operating profit in the second quarter from the current tariffs. Given the lack of visibility, we have not taken an assumption related to tariffs in the second half of 2025.”

The Finnish telecom company reported that Q1 revenue was down 3% year over year.

Nokia did have some bright spots, including network infrastructure, which grew 11%, and its cloud and network services division, which grew 8% year over year (adjusting for currency fluctuations).

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