TORONTO, Canada-Nortel Networks Ltd. said it narrowed its fourth quarter loss to $248 million, or six cents per common share, in contrast with the same period in 2001 when it suffered a net loss of $1.83 billion, or 57 cents per share.
The wireless equipment vendor said its revenue stood at $2.52 billion in the quarter compared with $3.46 billion in the same period a year ago.
“I am extremely pleased with the progress we made as reflected in our fourth-quarter performance,’ said Frank Dunn, president and chief executive officer at Nortel. “Our overall revenues were up sequentially across all of our lines of business and geographic regions. This revenue increase, coupled with the cumulative impact of our business repositioning over the past 24 months, drove a significant sequential improvement in our bottom line performance to just short of pro forma profitability in the quarter.”
