Nokia Siemens Networks (NSN), which has suffered from a shrinking market, a loss of market share, and a number of M&A disappointments during the past year, has reported full year 2009 revenues of €12.57 billion (US$17.6 billion), down 17.9 percent compared with 2008. (See Ciena Beats NSN to Buy Nortel's MEN, Nokia Siemens Replaces Its CEO, and Ericsson Delivers Knockout Blow to NSN.)
The news comes only days after archrival Ericsson AB (Nasdaq: ERIC) reported that its 2009 revenues of 206.5 billion Swedish kronor ($28.6 billion) had (once the positive impact of exchange rate fluctuations had been stripped out) declined by 9 percent. (See Ericsson Keeps Its Distance From Huawei .)
Inevitably, NSN's decline in 2009 now puts it behind Huawei Technologies Co. Ltd. in the telecom infrastructure pecking order, if the Chinese vendor's full year revenues of $21.5 billion are verified by its auditors. (See Huawei Claims 2009 Revenues of $21.5B.)
The top line wasn't the only ugly entry in NSN's 2009 results, which were published as part of parent Nokia Corp. (NYSE: NOK)'s full year earnings report.
The vendor also suffered dramatic operating losses of €1.64 billion ($2.3 billion), though much of that came in the third quarter, when it reported an operating loss of €1.1 billion ($1.54 billion) as a result of significant goodwill impairment charges. (See No Sign of Recovery for Nokia Siemens.)
On the bright side for NSN, the vendor ended 2009 with a fourth-quarter operating profit of €17 million ($23.8 million) and some positive customer news. Without one-time charges and "special items," NSN's fourth-quarter operating profit was €201 million ($281 million). (See NSN Replaces Huawei in Euro LTE Rollout.)
And the vendor's professional services business once again proved to be a critical part of its business. It accounted for €1.7 billion ($2.38 billion), nearly 47 percent, of the fourth quarter's revenues of €3.625 billion ($5.08 billion).
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