We are not the only ones saying mobile broadband is the future. Nokia Siemens Networks, the equipment joint venture of Nokia and Siemens, said Wednesday that it planned to cut almost a quarter of its work force as it sought to bolster profit in a stagnating market for network gear. The company said it planned to eliminate 17,000 jobs by the end of 2013 in a wide-ranging austerity program to enable Nokia Siemens to refocus on mobile broadband equipment, the fastest-growing segment of the market. The reductions will slash the company’s work force by 23 percent from its current level of 74,000. Report.
How does the economic crisis ripple out? Like this: Texas Instruments posted a smaller-than-expected decline in fourth-quarter profit Monday, but said it might post a loss in the current quarter and announced a 12 percent cut in jobs as demand for cellphone chips fell. Full report.