NEW YORK-Because of costs associated with its acquisition of Bay Networks, Nortel Networks posted a net loss of $306 million, or 54 cents per share, during the third quarter, the company reported Oct. 27.
“We achieved a significant milestone in our history this quarter with the completion of the Nortel/Bay Networks merger, the largest data networking merger in history,” said John A. Roth, vice chairman and chief executive officer of Nortel.
Operating revenues increased by 18 percent to $4.14 billion for the third quarter of this year, compared to the year-ago quarter. The increase in revenues was distributed among North and South America, Europe and the Asia-Pacific region, the company said.
“In the quarter, we grew in all geographic areas, experienced strong growth in broadband and wireless networks and also delivered major improvements in our earnings from ongoing operations,” Roth said.
