Nokia profits down, sees economy impacting client spending

HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia has reported lower than expected profits as it warned that the current uncertain economic situation was starting to impact spending by operators and other customers. The Finland-based company on Thursday reported net profit of 342 million euros ($375 million) for the January-March period. That’s down 18% from 416 million euros a year earlier. Net income attributable to shareholders was 332 million euros. The figure represents a decrease from 409 million euros the previous year. Nokia’s sales were up 10% at 5.9 billion euros.