Nokia warns over economic situation as it reports lower profits than expected

Nokia has announced lower than expected profits (HMD Global/PA)

Wireless and fixed-network equipment maker Nokia on Thursday reported lower than expected profits as it warned that the current economic situation was starting to impact spending by operators and other customers.

The Espoo, Finland-based company reported net profit of 342 million euros (£300 million) for the January-March period, down 18% from 416 million euros (£376 million) a year earlier.