Struggling mobile phone equipment maker Nokia Siemens Networks (NSN) is moving ahead with its restructuring faster than expected, its chief executive said on Friday.
Nokia Siemens Network is getting restructured
The restructuring should result in 1 billion euros in cost savings by the end of next year.
NSN, which made a profit of 27 million euros on a non-IFRS basis in the second quarter on sales of 3.3 billion, is not the only company in the sector going through a rough time.
Alcatel-Lucent is in the middle of cutting 5,000 jobs and is seeking cost savings of 1.25 billion euros to survive stiff competition and weak demand.
With the telecom equipment market shrinking as major operators cut spending in a faltering global economy, competition on prices has intensified.
Suri said the sector seemed to have stabilized after a weak first half. "We still think there will be no growth this year. We still think that will be a flat market in 2012," he said, declining to give any expectations for next year.
"Price pressure has a little bit eased," he said. "Overall, pricing is a little bit more stable."
Tags: Nokia , Nokia Siemens Networks , NSN , Mobile Phones , Mobile Phone Equipment , Phones , NSN Restructuring , Nokia Siemens Network Restructuring , Alcatel-Lucent , Siemens , Nokia Siemens , Nokia Oyj , Siemens AG
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