TORONTO-Nortel Networks said it reported a third-quarter net loss of US$1.8 billion, or 42 U.S. cents a share, compared with US$3.47 billion, or US$1.08 a share, a year earlier.
Excluding one-time expenditures and losses, the company had a loss of US$240 million, or 10 U.S. cents a share, a far cry from a loss of U.S.$2.2 billion, or 68 U.S. cents a share, last year. Revenues stood at US$2.36 billion at the end of the quarter.
“Focusing on our top priority of returning to profitability by the second quarter of 2003, we will continue to reduce our cost structure,” said Frank Dunn, president and chief executive.
