Nokia Cuts Profit Forecast Citing Dollar Weakness, Tariffs (1)

Nokia Oyj cut its profit guidance for the year, citing a weaker US dollar and tariffs.

The Espoo, Finland-based telecom equipment maker now expects operating profit for the year to be €1.6 billion ($1.9 billion) to €2.1 billion, according to a company statement issued Tuesday. That’s down from its January guidance when it projected as much as €2.4 billion.

The telecommunications equipment maker is now projecting a roughly €230 million hit from currency fluctuations, particularly relating to the US dollar, while tariffs are expected to reduce its full-year operating profits by €50 million to €80 million.

The guidance cut ...