The YoY comparisons will be tough for one or two more quarters, I believe.  However, the cost reductions stemming from the ALU acquisition are flowing to the bottom line, this is a bit ahead of what I had expected.  ALU is now fully integrated into NOK, as per Suri. That is well ahead of schedule, the big risk that it could have been a disastrous integration did not happen.  This was a big task, and it went as smooth as could be expected.

There is still another year of capturing cost reduction synergies. After all these synergies have been extracted, NOK will be saving $1.3B annually.  There are still some additional structuring charges that will be reported against earnings for this fiscal year, some $1B to go.  

The very heavy lifting is done.  I believe that barring a market crash, NOK has hit bottom, it should be up from these poor levels.  I noticed that the buyback has been restarted, NOK bought in excess of 1M shares yesterday.

The fact that the buyback continues tells me that there is a decent likelihood that the dividend is safe for now. BTW, I could not find the Conference Call Transcript, I could have sworn that I had seen it in past quarters.

As I mentioned to you in a PM, I plan to add to the position later this month, and still plan on continuing the DRIP.