Toronto-based Nortel Networks said restructuring charges of $67 million help to push it to a $113 million loss or the second quarter, compared to a $37 million loss a year ago.
Revenue was up slightly to $2.62 billion from $2.56 billion. Nortel’s losses were worse than analysts had expected, but revenues were slightly higher.
The telecom equipment company said it remained on track to meet 2008 goals of modest revenue growth, despite a difficult economy. Nortel in June announced it was moving away from WiMAX to devote more R&D to LTE, or Long Term Evolution technology.
For more:
- See the Wall Street Journal story [1]
Related articles:
Deloitte taps Nortel for telepresence gig. Deloitte report [2]
Verizon wants Nortel PBB. Verizon report [3]
Links:
[1] http://www.fiercetelecom.com/fiercecms/create
[2] http://www.fiercetelecom.com/story/deloitte-taps-nortel-telepresence-gig/2008-07-09
[3] http://www.fiercetelecom.com/story/verizon-wants-nortel-pbb-jury-still-out-pbt/2008-06-12