Three years after the telecommunications investment bubble ruptured, a flicker of recovery has been detected.
This has not come soon enough, however, to boost sentiment in the industry's four-year jamboree, to be held this week in Geneva.
During the boom times, the International Telecommunications Union forum was a lavish must-do event for all industry players. This year, organisers expected 30 per cent less visitors and speakers, with exhibitors down by a half compared with the last event.
Some of the biggest names in the equipment supply business - traditionally the biggest spending participants - are not exhibiting. In a sign of the times, Shenzhen-based Huawei Technologies has the biggest stand at the show. Huawei has prospered through the bust, emerging as one of the fastest-growing equipment vendors, projecting US$1 billion of international sales this year.
The telecoms industry - equipment suppliers and service providers combined - is a US$1 trillion plus business. Despite the bust, telecoms companies are among the biggest on stock markets worldwide and among the largest employers. Getting the industry moving again is therefore of interest to governments, investors and employees.
The question is, what kind of future can it have? It is a question that the great and good of the telecoms world will be pondering hard in Geneva this week.