tag: credit-crunch

Ericsson sees profits plummet in 2009

Swedish vendor Ericsson turned in a gloomy set of results on Monday, with figures weighed on by heavy restructuring costs and the less than stellar performance of its joint venture businesses.

Future handset challenges

The economic downturn has hit handset replacement volumes hard, reducing sales to single digit growth for the first time since 2001. At the same time, competition has intensified throughout the handset value chain as players at every stage strive to increase value for their customers and the end user.

Standing tall in the face of adversity

As the rest of the world struggled in the grip of the economic crisis, the Middle East has remained a bastion of growth. Even as Dubai welcomes the telecoms industry’s biggest and brightest players, the dust was already settling on a financial setback which shook the local market only days before.

Siemens still feeling pain of NSN venture

It’s not often we write about German vendor Siemens anymore, given its departure from the telecoms space. But the firm is still paying for its joint venture with Nokia, on Thursday announcing an impairment charge of €1.634bn on its partnership in Nokia Siemens Networks (NSN).

European carriers forced to shift strategy

The impact of the economic downturn and accompanying shift in consumer behaviour, coupled with intense competition has forced mobile operators across Europe to change their strategies, with many reducing capital expenditure and others introducing discounted pricing models.

NSN sharpens axe; 6,000 heads on the block

Infrastructure vendor Nokia Siemens Networks (NSN) said Tuesday that almost 6,000 staff face the axe as it seeks to reduce annualised operating expenses and production overheads by €500m by the end of 2011.

Ericsson announces incoming CFO

Incoming Ericsson CEO Hans Vestberg on Monday nominated his successor to take the position of chief financial officer.

UK users prioritise comms spend in recession

UK consumers rank their communications services among the most important elements of their lives, refusing to sacrifice them during times of economic constraint, according to a new report from UK watchdog Ofcom.

Nokia profits hit major slide in second quarter

Monster handset and equipment vendor Nokia continued the gloomy economic theme on Thursday, as second quarter net profit slid to €287m, from €1bn in the same period last year.

Communication is still king

Brendan O’ Mahony, chief executive of the Institute of Telecommunications Professionals (ITP) talks about key issues affecting telecommunications workers.

Vodafone accelerates cost cutting programme

On Tuesday, European heavyweight carrier Vodafone reported a 54.4 per cent drop in profit for the year ended March 31. Income fell to just over £3bn for the year, down from £6.7bn in the previous year.

BT cuts 15,000 jobs

UK incumbent carrier BT is to slash around 15,000 jobs as it struggles to offset weaknesses in its Global Services division.

Telefonica shines in economic gloom

European heavyweight carrier Telefonica delivered a solid set of financials on Wednesday, recording a 9.8 per cent increase in net profit for the first quarter to Eur1.69bn.

Telenor sees profits slide

Nordic operator Telenor on Tuesday reported that net profit for the first quarter fell to NOK1.62bn (Eur185m) in 2009, compared to NOK4.57bn in the same period in 2008.

Zain cuts 2,000 jobs

Kuwait-based carrier Zain announced a cost cutting plan this week, which it claims will propel the company toward its target of being a top ten operator by 2011.

Ericsson profit drops 30 per cent

On Thursday, Swedish kit vendor Ericsson recorded a 30 per cent drop in net profit for the first quarter of 2009, coming in at SEK1.8bn (Eur168m) compared to SEK2.6bn in the same period last year.

Deutsche Telekom shakes market with credit crunch warning

Top tier German carrier Deutsche Telekom sent a tremor through the market this week when it warned that earnings before interest, tax, depreciation and amortisation (EBITDA) would come in at 2 to 4 per cent lower than expected in 2009.


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