Nortel posts $US197m loss with one-time charges
- 31 January, 2000 12:49
Nortel Networks reported on Friday that fourth-quarter 1999 revenues were up 21 per cent -- $US6.99 billion compared to $5.77 billion for the same quarter in 1998. Net earnings from operations were up 58 per cent for the quarter and 62 per cent for the year.
But the company failed to post a year-end profit after figuring in acquisition costs and one-time gains and charges. It recorded a $197 million net loss for 1999.
US revenues for the quarter grew by 20 per cent, while outside the US they were up 30 per cent, according to Nortel president and CEO John Roth.
Roth noted that Nortel's optical Internet business grew more than 80 per cent over 1998, and the company aimed to triple its optical manufacturing capacity.
Nortel announced in December that it would acquire privately held Qtera, based in Florida. Qtera's technology facilitates long-haul optical networks.