Nokia has downgraded its profit forecast for this year and pinned the blame on US President Donald Trump’s tariffs and the decline in the dollar.
The Finnish telecoms equipment maker said late on Tuesday that it expected its underlying operating profit for this year to be €1.6bn-€2.1bn, down from a previous forecast of €1.9bn-€2.4bn.
It estimated that currency movements would cost it €230mn while tariffs at their current level would hit profits by €50mn-€80mn.
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