Ailing telecom equipment maker Nokia Siemens Networks has changed its business focus to increasing its market share, the new chief executive of the venture was quoted as saying on Sunday.
In early 2008 we made a strategic decision to focus more on cash flow and profitability than on the market share. Now it's time to give it up and to focus solely on the market share, Rajeev Suri told Finnish daily Helsingin Sanomat.
Nokia Siemens Networks, a 50-50 venture of Nokia and Siemens, has struggled to make a profit since its start in 2007 as it has faced fierce competition from rivals Ericsson and Huawei.
As Nokia Siemens has focused on profits and avoided the deals most heavily competed for, its market share has dropped since last year, and in the last quarter it lost its second spot in the wireless equipment market to Huawei, according to research firm Dell'Oro. [ID:nLD568040]
(Reporting by Tarmo Virki; Editing by Clarence Fernandez)