Nortel Networks Ltd. suffered a second-quarter net loss of $14 million, or 0 cents a share, indicating the company was unable to sustain the profits it recorded in the previous quarter.
The firm enjoyed a profit of $54 million, or 1 cent per common share, in the first quarter. Its second-quarter revenue dropped to $2.33 billion from $2.77 billion a year ago. Its first-quarter revenue was $2.4 billion.
“Our second-quarter results reflected the continued cautious spending exhibited by our customers,” said Frank Dunn, president and chief executive officer, Nortel Networks. “Although the industry conditions remained difficult, our momentum and leadership position continued across our key focus areas.”
