Nortel Networks to cut 3,500
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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 ...
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Nortel Networks Corp. investors predicted Tuesday the telecom equipment giant will again slash jobs when it reports long-overdue results this week, and shrugged off news of another criminal probe into its high-profile accounting woes.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) 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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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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Nortel said it expects revenue for the third quarter to fall short of expectations.
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Nortel Networks Corp.   will slash 2,900 jobs, or 8.5 percent of its workforce, over the next two years and shift another 1,000 employees to lower-cost locations like China, India and Mexico as North America's biggest maker of telephone equipment struggles to shore up its profits.
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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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Amid continuing problems with the release of its financial statements, Nortel Networks yesterday reported a loss for this year's third quarter but said it expects improvements in fourth-quarter revenue.
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TORONTO -- Nortel Networks Corp., which is in the process of resolving an accounting mess that will result in restatements of prior years&#39; earnings, expects a 28 percent reduction in previously announced net earnings for 2003, compared with its previous
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Nortel Networks Corp. NT.TO on  Thursday warned that third-quarter sales will fall below its  second quarter and that full-year 2004 revenues at North  America's largest telecom equipment maker will lag the overall  sector.
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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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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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Aug. 23, 2004  Problem-plagued Nortel Networks Corp. announced plans Thursday, Aug. 19, to eliminate an additional 3,500 jobs and fire seven more senior executives as the company labors to reinvent
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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. NT.TO 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 (CP) - Nortel Networks gave details of previously announced job cuts Thursday, saying it is cutting 950 jobs in Canada - almost 10 per cent of its workforce in this country-and 1,400 in the United States among a total of 3,250 to be eliminated
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Nortel Networks Corp., North America&#39;s biggest maker of phone equipment, will pare 3,250 jobs, 250 fewer than it predicted last month, as it reduces other costs including real estate.