Nortel posts half-year profit.(News)

RCR Wireless News, February, 2005

Nortel Networks Ltd. brought some good news to its investors by announcing a profit in its first-half 2004 financial results. The first- and second-quarter results sent shares up. In the first quarter, the company recorded a net income of $59 million, or 1 cent per share. This contrasts with the year earlier when it reported a loss of $124 million, or 3 cents a share.

Q1 figures rode revenue of $2.44 billion, up from $2.3 billion a year earlier. In the second quarter, the company's net income fell to $16 million, or beak-even on a per-share count, compared with a loss of $101 million, or 2 cents per share, a year earlier. Revenue totaled $2.59 billion, compared with $2.29 billion a year earlier. The company has been battling accounting woes for...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.