Alcatel-Lucent Chief Executive Michel Combes told shareholders Tuesday that the telecom vendor will need to specialize and spend less cash to turn around the company. Combes said Alcatel will have to pare underperforming products from its inventory and pointed to the successful efforts of Swedish gear maker Ericsson as his model. "We must choose with precision the products in which we invest. Where we can't make a difference alone, we must exit without delay, or create partnerships that will allow us to reach critical mass," Combes said.

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