Nortel third-quarter sales to slacken
Nortel third-quarter sales to slackenNortel third-quarter sales to slacken
Now sees market growth outpacing its own revenue
By Jeffry Bartash & Madeleine Acey
Last Update: 9:47 AM ET Sept. 16, 2004
E-mail it | Print | Alert | Reprint | RSS
LONDON (CBS.MW) -- Nortel Networks on Thursday said revenue will taper off in the third quarter, indicating further problems at the struggling network- and telecom-equipment maker.
Free! Sign up here to receive our Before the Bell e-Newsletter!
TRADING CENTER
Open a Harrisdirect account!
Get 50 Commission Free Trades
INFORMATION FOR NT:
Create an alert for NT
Add NT to my portfolio
More cool charts on NT
Discuss NT
NEWS FOR NT
Nortel third-quarter sales to slacken
U.S. stocks edge higher in early trading
Meritage Homes, Netopia, Vitesse, and more
More news for NT
Quote & News Charts Financials Analysts Options SEC Filings
TRACK THESE TOPICS
My Portfolio Alerts
Company: Nortel Networks Corp Add
Create
Get Breaking News sent directly to your inbox
Create A Portfolio | Create An Alert
In early action, U.S.-traded shares of Nortel (NT: news, chart, profile) sank nearly 4 percent to stand at $3.66.
The Canadian company, which recent cleaned out its executive suite after an accounting scandal, forecast that sales will fall below the $2.59 billion level recorded in the second quarter.
For the full year, Nortel repeated that it expects revenue to grow in the "mid single digits."
But in a reversal, the company now says it expects the overall equipment market to growing faster -- suggesting Nortel is losing ground to rivals or failing to capitalize on new opportunities.
Nortel also said a number of separate lawsuits were combined into one class-action suit, which was filed against the company on Sept. 10. It alleges that Nortel made false and misleading statements.
In April, Nortel fired Chief Executive Frank Dunn after discovering the accounting problems and said it could restate financial results going back several years.
lose inches now
AZhttp
Cash Advance
Herbal Body Wraps
Payday Loans
0 Comments:
Post a Comment
<< Home