Monday, November 16, 2009

Nortel's Loss Deepens in Q3, Metro Ethernet Down 26%

Nortel reported Q3 2009of $1,045 million, with declines year over year in all segments, except Carrier VoIP and Application Solutions (CVAS), and in all regions. These revenues exclude third quarter revenues related to Equity Investees' revenues of $348 million and $353 million related to discontinued operations. This compares with total revenues of $2,319 million in the third quarter of 2008. There was a net loss of $508 million compared to net loss of $3,413 million in the third quarter of 2008. Gross margin was 45.0 percent of revenues in the third quarter of 2009.

Nortel said its performance reflected the continuing economic downturn and the uncertainty created by its bankruptcy proceedings.