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Technology

Better 3Q for Nortel

11/02/2005 5:15 AM Eastern

Nortel Networks Corp. reported its third-quarter results Wednesday.

The company said revenue rose to $2.66 billion from $2.18 billion in the year-ago quarter. Its third-quarter-2005 net loss was $105 million, or $0.02 per common share on a diluted basis, versus $259 million ($0.06) in the prior-year period.

Nortel said the third-quarter-2005 net loss included special charges of $37 million related to restructuring activities and a net charge of $20 million related to the refiling of its tax returns as a result of financial restatements.

“Our results demonstrate solid progress in our next-generation businesses, including 3G wireless, VoIP [voice over Internet protocol] and metro-optical, and recent announcements show early momentum from execution of our Asia strategy with our joint venture with LG [Electronics Inc.]," vice chairman and CEO Bill Owens said in a prepared statement.

September