Home  ›  News  ›

No More Cash from Nokia or Siemens for Network JV

Article Comments  

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

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."

more info at Fierce Wireless »

more news about:




This forum is closed.

This forum is closed.

No messages

Page  1  of 1

Subscribe to Phone Scoop News with RSS Follow @phonescoop on Twitter Phone Scoop on Facebook Subscribe to Phone Scoop on YouTube Follow on Instagram


All content Copyright 2001-2018 Phone Factor, LLC. All Rights Reserved.
Content on this site may not be copied or republished without formal permission.