Home › News ›

No More Cash from Nokia or Siemens for Network JV

Article Comments

Nov 28, 2011, 12:13 PM by Eric M. Zeman

Nokia Siemens Networks CEO Rajeev Suri told company employees in a letter that the company will not receive any more funding from parent organizations Nokia or Siemens. "Our profitability remains far too low, with huge net losses since the start of the company," said Suri. "We continue to burn cash and have consistently generated negative free cash flow. We have too many businesses that have never produced adequate returns and regions that continually deliver losses." Nokia Siemens Networks recently announced plans to reduce its workforce by 17,000, or approximately 23%, in order to save $1.34 billion in costs. Both Nokia and Siemens contributed about $666 million to Nokia Siemens Networks in September. With no more funding on deck, Suri says that the fixed-line VoIP, broadband access, WiMAX, narrowband, carrier Ethernet, business support systems, and communications and entertainment solutions business units will either be cut or put in "maintenance mode."

Fierce Wireless »

Related

Samsung Upgrades its Wearables

Aug 10, 2022
Alongside its new foldable phones, Samsung has revealed its newest smartwatches and Bluetooth earbuds, each with significant engineering improvements. The new Galaxy Watch5 has a 13% larger battery and 60% more durable face compared to the Watch4.

Google Revamps Android Auto Interface

May 13, 2022
Google is revamping the user interface of Android Auto, again. Split-screen mode will now be standard on all screen types and sizes, giving users immediate access to functions such as audio, messages, and maps, all on one screen.

Gabb Refines its Kids Watch

Sep 6, 2023
Gabb has announced its newest watch for kids, the Gabb Watch 3. The new model offers significant upgrades from the Watch 2, including full text messaging (via voice or keyboard), wireless charging, and Bluetooth pairing (to the parent's phone).

Apple Allows Unlisted Apps in App Store

Feb 1, 2022
A new option allows iOS developers to release apps through official Apple channels without surfacing them to the general public in the App Store interface. Such apps can only be installed using a special direct link that organizations send to invited users.

Troomi's KidSmart OS Now Lets Parents Monitor Kids' Texting

Mar 30, 2022
Troomi — a phone and phone service designed specifically for kids as a safe introduction to phones — has introduced Remote Text Monitoring. Troomi phones are Samsung smartphones with Troomi's unique KidSmart OS.

more news about:

Comments

This forum is closed.

This forum is closed.

No messages

Page 1 of 1