Nokia Posts Quarterly Profit Miss, Flags Disruption from Trump's Tariffs

A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo
A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo
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Nokia Posts Quarterly Profit Miss, Flags Disruption from Trump's Tariffs

A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo
A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File photo

Nokia reported first-quarter profit well below market expectations on Thursday and flagged a short-term disruption from US tariffs with an estimated impact of between 20 million and 30 million euros to its second-quarter profit.

Comparable operating profit fell to 156 million euros ($176.9 million) in the first quarter of 2025, a 36% miss against the average forecast of 243.83 million euros by analysts surveyed by LSEG.

A one-time charge in its mobile networks division had an impact of 120 million euros on quarterly margins, the company said.

Nokia's sales in North America have been growing steadily despite losing market share to Nordic rival Ericsson, reflecting a renewed market strength after years of weakness, Reuters reported.

But now the sweeping tariffs imposed by US President Donald Trump could counter this trend, as companies might pause orders fearing price increases.

The Finland-based company also announced a strategic multi-year extension of its partnership with T-Mobile in the US to expand the carrier's 5G network coverage.

"Telecommunications is not a place where customers tend to change their expenditures," Nokia's CEO Justin Hotard told reporters.

Its quarterly net sales totalled 4.39 billion euros, down 3% on a constant-currency basis compared to a year earlier and a notch lower than the 4.41 billion euros expected by analysts.

Nokia confirmed its outlook for the rest of the year, which now includes the acquisition of Infinera, but said achieving the top-end of the range for operating profit would be more challenging than initially expected.



Google Will Pay Texas $1.4 Billion to Settle Claims the Company Collected Users’ Data without Permission

A Google logo is seen at the company's headquarters in Mountain View, California, US, November 1, 2018. (Reuters)
A Google logo is seen at the company's headquarters in Mountain View, California, US, November 1, 2018. (Reuters)
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Google Will Pay Texas $1.4 Billion to Settle Claims the Company Collected Users’ Data without Permission

A Google logo is seen at the company's headquarters in Mountain View, California, US, November 1, 2018. (Reuters)
A Google logo is seen at the company's headquarters in Mountain View, California, US, November 1, 2018. (Reuters)

Google will pay $1.4 billion to Texas to settle claims the company collected users' data without permission, the state’s attorney general announced Friday.

Attorney General Ken Paxton described the settlement as sending a message to tech companies that he will not allow them to make money off of “selling away our rights and freedoms.”

“In Texas, Big Tech is not above the law,” Paxton said in a statement. “For years, Google secretly tracked people’s movements, private searches, and even their voiceprints and facial geometry through their products and services. I fought back and won.”

The agreement settles several claims Texas made against the search giant in 2022 related to geolocation, incognito searches and biometric data. The state argued Google was “unlawfully tracking and collecting users’ private data.”

Paxton claimed, for example, that Google collected millions of biometric identifiers, including voiceprints and records of face geometry, through such products and services as Google Photos and Google Assistant.

Google spokesperson José Castañeda said the agreement settles an array of “old claims,” some of which relate to product policies the company has already changed.

“We are pleased to put them behind us, and we will continue to build robust privacy controls into our services,” he said in a statement.

The company also clarified that the settlement does not require any new product changes.

Paxton said the $1.4 billion is the largest amount won by any state in a settlement with Google over this type of data-privacy violations.

Texas previously reached two other key settlements with Google within the last two years, including one in December 2023 in which the company agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store.

Meta has also agreed to a $1.4 billion settlement with Texas in a privacy lawsuit over allegations that the tech giant used users' biometric data without their permission.