Nortel Lowers Job-Cut Estimates
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Nortel Networks Corp. on Thursday said it would cut fewer jobs than announced in August as part of the effort to improve its financial condition.
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TORONTO (CP) - Nortel Networks stock fell to its lowest price in more than a year Wednesday after the troubled telecommunications equipment maker again delayed its much-anticipated financial restatements, this time until mid-November.
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Nortel Networks Corp. on Thursday said it would eliminate about 10 percent of its work force, slightly less than previously estimated, and consolidate real estate in a cost-cutting plan that will save $500 million in 2005.
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TORONTO Sept. 30, 2004 - Nortel Networks Corp. gave details of a previously announced job cut program Thursday, saying it is cutting 1,400 in the United States by next June.
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Nortel Networks Corp., North America&#39;s largest telephone-equipment maker, said sales growth this year will lag that of competitors and predicted third- quarter revenue will fall from the second period&#39;s $2.
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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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Nortel Networks Corp. NT.TO NT.TO  posted long-awaited preliminary results for the first half of  2004 on Thursday, estimating first and second quarter earnings  between nil and 1 cent per share.
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Nortel Networks Corp. expects its revenue in the third quarter to fall below the previous quarter's estimated number and for its full-year 2004 revenue to grow slower than the overall communications equipment industry, the company said in a statement Thursday.
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Nortel Networks will restate its results for the fourth time in four years, a move that will delay the filing of its 2006 annual report.
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Nortel Networks said on Thursday it expects third-quarter revenue to fall short of the $2.6bn (Â£1.4bn) sales it posted in the second quarter of 2004.
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TORONTO -- Shares of Nortel Networks edged lower yesterday after Canadian officials said they were opening a criminal investigation into accounting practices at the telecommunications equipment maker.
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NEW YORK (CBS.MW) - Nortel Networks shares fell Tuesday after the company said the Royal Canadian Mounted Police&#39;s informal probe of the company&#39;s accounting has now become a criminal investigation.
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Canadian officials are opening a criminal investigation into accounting at Nortel Networks Corp. Shares in the telecom equipment maker edged lower yesterday.
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Nortel said it expects revenue for the third quarter to fall short of expectations.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) posted long-awaited preliminary results for the first half of 2004 on Thursday, estimating first and second quarter earnings between nil and 1 cent per share.
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Retreating from an upbeat forecast it  made just last month, Nortel Networks Corp. NT.TO on Thursday  warned that third-quarter sales will fall below its second  quarter and 2004 revenue growth at North America's largest  telecom equipment maker will lag the sector.
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Nortel Networks will lay off about 1,400 employees in the US and about 950 in Canada, with those employees to be notified by the end of June 2005.