Nokia exec open to expanding US manufacturing to avoid Trump tariffs [FOX Business Network]
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Source: FOX Business Network
Nokia's new CEO, Justin Hotard , is open to expanding the company's U.S. manufacturing capabilities to mitigate the impact of tariffs introduced during President Donald Trump's administration. The company predicts tariffs will have an approximately $22 million to $34 million impact on its second-quarter comparable operating profit. The value of the Finnish telecommunications company's shares dropped by 6% on Thursday following weak first-quarter earnings. Nokia reported a $68.2 million net loss in its first quarter, compared to $498 million a year earlier. However, according to the Wall Street Journal , the company's comparable operating profit plunged 74% to $177 million. Meanwhile, analysts had previously expected the company to earn $341 million and a net profit of $143 million, WSJ reported, citing FactSet The company pointed to a $136 million settlement as one reason for its lower-than-expected first-quarter numbers . Hotard said the settlement was related to a customer
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