Nortel Cuts Fewer Jobs, Exits Real Estate
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Nortel Networks Corp. NT.TO said on  Thursday its cost-cutting plan will save $500 million in 2005,  and even more in future years, as it eliminates fewer jobs than  forecast, but plans to exit real estate.
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TORONTO -- Nortel Networks shares fell yesterday after the troubled telecom equipment maker said its growth this year will likely trail the overall industry -- rather than outperforming its peers as the company had been predicting.
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TORONTO -- Nortel Networks said yesterday it will slash its workforce by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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Nortel Networks Corp. will cut 250 fewer jobs than it first expected but nearly a quarter of the 3,250 employees facing pink slips over the next nine months are slated to come from Ottawa, the company revealed yesterday.
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NEW YORK -- Nortel Networks Corp. reported a loss of 6 cents per share in the third quarter and predicted lower sales for 2004 than in 2003 on Tuesday, providing some of its first concrete figures for the
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Nortel Networks Corp., North America&#39;s largest telephone-equipment maker, said third-quarter revenue will decline from the second quarter&#39;s $2.
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AT&T Corp. T.N will cut another  7,400 jobs and reduce the value of its assets by $11.4 billion,  spurred by its retreat from traditional consumer telephone  services, the company said on Thursday.
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Nortel Networks said on Thursday it will slash its work force by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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Nortel Networks Corp., North America&#39;s biggest maker of phone equipment, said it will pare 3,250 jobs, 250 fewer than it had predicted last month.
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Nortel Networks Corp., which is restating results back to 1999, said it had a third-quarter loss of 6 cents a share because of expenses related to job cuts and a wireless contract in India.
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TORONTO, Aug. 19 -- Nortel Networks Corp. said Thursday it will slash its workforce by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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WASHINGTON (CBS.MW) -- The latest corporate overhaul by Nortel Networks will shear the company of all its manufacturing operations and leave it with 70 percent fewer workers than it had four years ago.
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Nortel Networks Corp. expects to report lower 2004 third-quarter revenues compared to the second quarter, North America&#39;s largest maker of telecom equipment said in a market update required by regulators on Thursday.
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A standartisation to SAP is part of Nortel Networks&#39; restructuting plans and is part of a move that will also see 10% of its workforce, or around 3500 jobs, eliminated.
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(InfoWorld) - A CFO who helped Nortel Networks recover from an accounting scandal and years of poor results is leaving the company after about two years on the job. Peter Currie, also an executive vice president, will leave April 30 to take on unspecified new challenges, according to a Nortel statement. The Brampton, Ontario, company is searching for a replacement. After Currie leaves, he will provide advice and assistance to ensure a smooth transition, the company said. Currie has spent much of his career at Nortel, including as CFO from 1994 to 1997. He returned in February 2005 following a scandal in 2004 that led to financial restatements and the firing of CEO Frank Dunn, CFO Douglas Beatty, and Controller Michael Gollogly. Currie replaced another CFO, William Kerr, who had stepped in after Beatty to complete the restatements. Under current President and CEO Mike Zafirovski, who took the helm in October 2005, Nortel has undergone a major restructuring and several management changes. Zafirovski has tried to focus the wide-ranging company, which faces many strong competitors, most notably Cisco Systems. Last year, Nortel formed a partnership with Microsoft to develop products for IP communications. Currie has steered Nortel through difficult financial issues and improved its corporate governance, Zafirovski said in a written statement. To have a complete facelift, Nortel needs more change in the executive ranks under Zafirovski, said Yankee Group analyst Zeus Kerravala, a long-time Nortel watcher. Customers want a clearer picture of where Nortel will focus its investments, especially now that it's working with Microsoft, he said. "There are a lot questions as to what Nortel looks like five years from now, but even next year," Kerravala said.
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Nortel Networks Corp. NT.TO delivered  long-awaited preliminary results for the first half of 2004 on  Thursday that showed estimated first and second quarter  earnings between nil and 1 cent per share, and North America's  biggest telecom equipment supplier said it would cut about  3,500 jobs.
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In a long-delayed report to clean up a multiyear accounting scandal, Canadian telecom equipment maker Nortel Networks Corp. slashed its audited profit for 2003 by 40 percent while reporting that a dozen senior executives would repay $8.6 million in bonuses and five board members would resign.