credit crunchRSS

Deja vu

Can you remember what you were doing ten years ago this week? Were you sitting in a hot tub sipping champagne, surrounded by beautiful people? Were you kitting out your office with high end leather chairs, beer fridges and an expensive games room? Were you dreaming up a talking sock puppet mascot? Were you taking out an enormous mortgage? Were you hatching plans for a new dotcom launch that would make you a millionaire and enable all of the above?

Ericsson sees profits plummet in 2009

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.

European operators need the right balance to grow in 2010

The past year has been particularly challenging for Europe’s mobile operators, in light of the economic downturn and the growing impact of regulatory measures. These factors and heightened competition in the industry have caused operators to focus on costs and operational efficiency.

Standing tall in the face of adversity

The Burj Dubai will open in 2010

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

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

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

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

Jan Frykhammar will take up the role of CFO from November 1

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

Recession? What Recession? Apple posts “most profitable quarter ever”

Recession? What recession?

The latest bout of financial results give an interesting view on where the power is in the mobile industry. While the traditional telco firms continue to take a battering in the economic storm, everything is coming up roses for Apple and Google.

UK users prioritise comms spend in recession

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.

Demand for data services has never been so high

Demand for data services never so high

Despite the worldwide credit crunch and consumer belt tightening, the demand for mobile data services has never been so high.

Nokia profits hit major slide in second quarter

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

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

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

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.

China brings cheer to gloomy kit vendors

The long-awaited 3G capex boom in China is like a warm fire on a cold night for mobile networks vendors, many of which are struggling with everything from slack sales and falling margins to lingering integration problems.

Telenor sees profits slide

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

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.

@telecoms