The Nortel Networks Corporation trademark is shown outward their bureau construction in Toronto in this Jan 14, 2009 record photo.
Credit: Reuters/ Mike Cassese
NEW YORK (Reuters) - Bankrupt Nortel Networks Corp on Friday posted a 62 percent dump in quarterly revenue, as commercial operation cut spending in the face of doubt about the failure record and the unsure economy.
Fourth-quarter income forsaken to $794 million from $2.1 billion in the year ago period. It pronounced sales fell opposite all of the commercial operation segments and regions.
Once North America"s greatest telecommunications apparatus maker, Nortel filed for failure insurance in Jan 2009. It is auctioning off the resources in an bid to compensate behind debtholders, rather than restructuring the business.
Nortel has already sole the essential element ocular and ethernet businesses to Ciena (CIEN.O) and wireless resources to Ericsson (ERICb.ST).
Net income for the entertain totaled $1.78 billion, compared with a loss of $2.14 billion in the duration a year ago. Both durations enclosed a raft of one-time equipment associated to sales, pursuit cuts and organization to help the poor impairments.
Nortel"s sum domain forsaken to 38.3 percent in the fourth quarter, a diminution of 2.7 commission points from the year ago period.
(Reporting by Paul Thomasch)
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