Nortel Posts a Profit, but Sales Decline

Nortel Networks Corp. swung to a profit in the third quarter on higher profit margins, but revenue fell 7.6% as the company had trouble fulfilling certain orders.

The Toronto telecommunications equipment maker recorded net income of $27 million, or five cents a share, compared with a year-earlier net loss of $63 million, or 14 cents a share.

The latest quarter's results included $67 million in foreign currency gains, largely offset by $56 million in restructuring charges. The company has said it plans to cut 2,900 jobs and move 1,000 other positions to lower-cost locations. The company also had a $33 million tax benefit.

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- Posted: 2007-11-06 09:50:12

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