Nokia reports net profit drop

HELSINKI, Apr 24 (AFP): Finnish telecoms equipment maker Nokia on Thursday reported a $68 million euro loss in net profit for the first quarter, citing the tariff wars and "rapidly evolving global trade landscape".

The company said tariffs imposed by the United States could result in "some short-term disruption".

"We are not immune to the rapidly evolving global trade landscape. However based on early customer feedback, I believe our markets should prove to be relatively resilient", Justin Hotard President and CEO of Nokia said in a statement.

"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", Hotard said.

US President Donald Trump implemented a tariff of 10 per cent on global imports this month, but he paused plans for higher duties on dozens of countries.