Finnish telecom giant Nokia's new CEO, Justin Hotard, has officially taken office and announced a Q1 revenue loss of $68.2 million. In an interview, Hotard stated that he is actively considering enhancing manufacturing facilities in the U.S. to mitigate the negative impacts of U.S. tariff policies.

The company's Q1 earnings report showed a significant decline compared to a net profit of $498 million during the same period last year. Additionally, the comparable operating profit has fallen by 74%, dropping to $177 million, far below market expectations. The anticipated Q2 comparable operating profit is expected to decrease by around $22 to $34 million due to tariff policies.

Despite not yet feeling a significant impact of tariffs on demand, Hotard emphasizes that now is the right time to invest further in the U.S. These investments will not be limited to relocating headquarters but will also include expanding research and manufacturing capabilities. Nokia currently operates five manufacturing plants in the U.S., and Hotard stated that strengthening U.S. manufacturing will be a priority for growth in the market.