Nortel cutting 2,100 jobs
During its fourth-quarter earnings report yesterday, Nortel Networks said it would cut 2,100 jobs from its workforce and relocate another 1,000 jobs to higher growth, lower-cost countries in Europe and Asia.
Fourth-quarter revenue for the telecommunications vendor dropped 4 percent, from $3.3 billion in Q4 2006 to $3.2 billion. Nortel reported a loss of $844 million, or $1.70 per share, compared with a loss of $80 million, or 19 cents per share, in Q4 2006.
Nortel’s full-year sales were down 4 percent, to $11 billion, after posting sales of $11.4 billion for 2006. Nortel said its revenue growth this year would be in the low single digits.
The Toronto-based company reported a loss of $957 million in 2007, or $1.98 per share, compared with a profit of $28 million, or 6 cents per share, in the previous year.
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