Nortel Networks had been looking like a company in recovery for the last several months, but the Canadian vendor just reported an $844 million net loss for the fourth quarter of 2007, versus an $80 million loss for the same period in 2006. The company also said it is cutting about 2,100 jobs globally as part of further restructuring.
Revenue for the quarter came in at about $3.2 billion, close to analyst esitmates of $3.28 billion. The full-year 2007 loss for Nortel was $957 million. The company said it sees low-single-digit revenue growth for the rest of this year. During the second half of 2007, Nortel actually seemed to be primed to tackle an M&A strategy to put it back at the carrier table with the world's largest equipment vendors. It's unclear where such ambitions stand now.
For more:
- see this Associated Press report at BusinessWeek
Related article:
- Nortel's tough Q4 came after a pretty good Q3