Nortel (NT): Poor Quarter, But Stock Up
Nortel (NT) turned in less that stellar numbers, but relief that it is not the next Alcatel-Lucent (ALU) sent shares up 7%. The stock still trades fairly near its 52-week low. Nortel had revenue of $2.70 billion, down 8 percent…
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Nortel (NT) turned in less that stellar numbers, but relief that it is not the next Alcatel-Lucent (ALU) sent shares up 7%. The stock still trades fairly near its 52-week low.
Nortel had revenue of $2.70 billion, down 8 percent year over year and 4 percent on a year-to-date basis. The company’s large carrier network division revenue fell 19%.
The Company reported net earnings in the third quarter of 2007 of $27 million, or $0.05 per common share on a diluted basis, compared to net loss of $63 million, or $0.14 per common share on a diluted basis, in the third quarter of 2006.
A bit of a mess, but not as bad as it might have been.
Douglas A. McIntyre
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.