You are so wrong about the Telephony business. If anything, it is an even worse business than handsets. Chinese competition has killed the profit margins. 10 years ago, 3 of the top 5 telco vendors were based out of North America. Lucent, Nortel & Motorola. They have all gone bust and their carcasses have been subsumed by European companies. Similar consolidation has happened in other markets.
What is now the `Nokia' company is the amalgamation of Alcatel, Lucent & Nokia. The big dogs who have any clout left whatsoever are Ericcsson and Hauwei.
I used to work in the industry. Till the late 90s/early 2000s, Telecomm Infrastructure was superhot, and some of the best brains in the world joined these companies. Those days are long gone, the pond has shrunk dramatically and anyone who is halfway decent and motivated has long flown to other companies. The best brains these days are going to Google, Amazon, Facebook etc.
The telecomm industry is now full of former big fish jockeying for position in the ever-shrinking pond. There are several categories of people: the politicians, the option-less and the clueless. The percentage of idiots &/or assholes is very high. As much of the technical work as possible is outsourced to India and China, and the work ethic is mostly `sweatshop'. Engineers in the industry have no bargaining power, salaries are flat or shrinking, and it is brutually hard (if not impossible) to find a job at least in the developed world. Most folks who have had to leave are having to retrain and take jobs in `sister' industries like storage and having their careers reset.
Nowadays, telecomm companies give away the equipment at cost or lower, hoping to make money on support contracts.
I would not wish a career in Telecomm on my worst enemy.