Nokia's Strategic Shift Towards US Manufacturing

Under the leadership of its newly appointed Chief Executive, Justin Hotard, Nokia Corporation is exploring the expansion of its manufacturing operations in the United States. This move aims to mitigate the adverse effects of tariffs imposed during the Trump administration, highlighting the company's commitment to the US market.

Emphasizing the US Market's Importance

Hotard underscored the critical role of the US market for Nokia, revealing that approximately 90% of all communications in the country depend on Nokia's technology. The potential expansion into local manufacturing is seen as a step towards ensuring "additional resiliency" against tariff-related challenges, with Hotard expressing openness to opportunities that bolster growth.

Financial Performance and Tariff Impacts

The telecom giant reported a slight year-on-year decline in net sales for the first quarter, totaling €4.39 billion. Hotard also cautioned about an anticipated €20 to €30 million impact on the company's comparable operating profit in the upcoming quarter, attributed to existing tariffs.