Nokia (NYSE:NOK) fell 7.8% in premarket trade after the firm missed its first-quarter profit expectations and also warned of a short-term disruption due to the tariff situation. The company said it expects a EUR 20 to EUR 30 million impact to its comparable operating profit in the second quarter from the current tariffs.

Nokia Corporation, the Finnish multinational telecommunications company, said on Thursday that its first quarter continuing operations loss was €60 million ($68 million) or €0.01 per share, compared with a profit of €451 million or €0.

Finnish telecommunications equipment maker Nokia faced a challenging start to the year, reporting first-quarter profits on Thursday that fell significantly short of market expectations.