Nortel improves outlook--fewer layoffs, smaller loss in Q4
Nortel Networks reduced its estimated operated loss for the fourth quarter today, and will lay off 3000 less than expected as a result. Once restructuring is complete, the company will have about 48,000 employees.
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Initially, Nortel expected to lose 18 cents per share in the fourth quarter. The company now expects to lose about 16 cents per share. The vendor said it would post a net loss of 63 cents per share after one-time costs associated with its reorganization and the writedown of certain assets. The company expects revenue to be about $3.4 billion.
--Amalia D. Parthenios, staff writer
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© 2012 Penton Media Inc.
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