Here is some of the bad news that was reported last week.
Nortel's shares have fallen on the Toronto Stock Exchange from C$35.10 to C$8.48 over the past 12 months, a decline of 76 percent.
The company continues to deal with slumping demand for the telephone gear it makes, as well as competition from low-cost Asian rivals and an uncertain economic environment.
Earlier this week, it announced a fourth-quarter loss of $844 million, largely due to a $1.1 billion noncash charge related to changes in its Canadian tax profile.
Along with the loss, it announced it would shed 2,100 jobs -- mostly in North America -- and shift another 1,000 to low-cost locales like China and India. At the end of 2006, the company had 32,550 employees.
Source for this news is:
reuters.com
Another report.
The announcement came as Nortel (NYSE: NT) reported a fourth quarter loss of $844 million, or $1.70 per diluted share. A year ago, the company lost just $80 million, or 19 cents a share.
The most recent quarter's loss includes a non-cash charge of $1.064 billion related to its Canadian taxes. But excluding that cost and other one-time charges and gains, the company earned about 31 cents per share - well below the average estimate of 47 cents given by analysts polled by Thomson Financial.
Nortel's quarterly revenue of $3.2 billion also was short of analysts' expectations of $3.28 billion.
Source for this report is:
triangle.bizjournals.com
Howard |
