Nokia Oyj’s adjusted profit dropped 29% in the second quarter from a year earlier after the 5G equipment maker was hit by impact from tariffs and a weak US dollar.

Nokia has cut its 2025 profit forecast by up to 16%, citing US dollar weakness and trade tariffs. Shares dropped by around 8% on the news.

The company said strong growth was expected in its network infrastructure business and anticipates things will improve later this year.