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Nortel Q3 revenues increase

NORTEL plans to accelerate its business transformation programme, the firm said as it announced its unaudited Q3 results.

NORTEL plans to accelerate its business transformation programme, the firm said as it announced its unaudited third quarter results.

The networking firm posted a 17% increase in revenue for the third quarter of 2006 over the third quarter of 2005 to US$2.96 billion. It registered a net loss of US$99 million, compared to a net loss of US$136 million in the third quarter of 2005. The Q3 net loss included a number of special items including a gain on sale of assets.

Mike Zafirovski, Nortel’s president and CEO, stated: “I am pleased with our overall revenue growth and, in particular, in our focus areas of next generation mobility, enterprise and related services, and metro optical. However, we should and will be moving faster.”

Zafirovski added that the management planned to accelerate and enhance its business transformation programme.

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