Archive for October 15th, 2009

Mass. blesses 3 stimulus projects, none private

The Massachussetts governor’s office has endorsed three recipients to receive federal broadband stimulus funds. Though some of those efforts involve private partners, none of the three applications were filed by private companies. more

Nokia still backing venture with Siemens

Nokia (NYSE:NOK) CEO Olli-Pekka Kallasvuo was upfront today about the reasons for the increasingly poor performance Nokia Siemens Networks. While the economy, competition and even the fluctuation in currency were factors, “It is clear that NSN has lost market share,” Kallasvuo said after announcing Nokia’s Q3 earnings.

NSN reported revenue declines of 21% year-over-year in the 3rd quarter, and 28% drop in profits, which forced its parents to take write downs. Nokia wrote off 908 million Euros (US $1.35 billion), increasing its 3rd quarter loss to Euro 1.11 billion (US $1.66 billion). Siemens (NYSE:SI) hasn’t reported its 3rd quarter numbers yet, but according to the Dow Jones Newswires, its write down could be as high as $1.6 billion Euros (US $2.4 billion).

Despite NSN’s poor performance and declining market share, Kallasvuo said both Nokia and Siemens still have faith in the venture. “Let me be clear,” he said. “We continue to support NSN’s efforts to improve its performance. Both shareholders have continued to make the necessary capital available to NSN, so that NSN can meet the product and services needs of the leading operators around the world.”

Last summer, NSN CEO Simon Beresford-Wylie announced his retirement, turning the reins over to NSN head of services Rajeev Suri, who in a recent interview said he plans to push NSN more in the direction of professional and managed services and software while still maintaining a strong infrastructure portfolio. For Q3, services accounted for 47% of NSN’s total revenues.

Will Android devices take Nokia down?

Smartphone competition continued to take a toll on Nokia (NYSE:NOK) in the third quarter as the handset maker’s market share declined to 30.9% from 34% in Q2. Competition won’t let up going forward either, and it is primarily coming from the same source – devices built on Google’s (NASDAQ:GOOG) Android operating system. more

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