TORONTO-Nortel Networks Corp. expects to post a pro forma net loss for the fourth quarter of 16 cents per share and an overall net loss per share from continuing operations of 63 cents, both down from the prior quarter.
Nortel should generate revenues of approximately $3.4 billion for the quarter, the company said.
Nortel said its restructuring activities have progressed well and by Dec. 31, the company will have around 52,000 employees. Eventually the work force will be reduced to 48,000, but the company previously had announced it would need to reduce its staff to 45,000.
Shares of Nortel rose sharply upon the news. Many analysts were anticipating greater losses for the company.
