Nortel reports financial results

Nortel Networks Corp. reported its financial results for 2009, earning US$521 million on revenues of US$4.088 billion.


The Toronto-based telecom equipment manufacturer has been operating under bankruptcy protection since January 2009 and is selling off most business units.



Last year’s profit included a $1.2 billion gain from sale of its carrier wireless assets to Telefonaktiebolaget LM Ericsson and $765 million from sale of enterprises assets to Avaya Inc.




Revenues for the three months ending Dec. 31, 2009 were $794 million.


The annual revenue dropped from $7.6 million in 2008, when it lost $2.14 billion, to $4.088 billion last year.


Except for 2006, Nortel lost money every year between 1998 and 2008.

In addition to the sales of its carrier wireless and enterprise assets, Nortel also closed the sale of its metropolitan Ethernet and optical networking business to Linthicum, Md.-based Ciena Corp. last year for $769 million.




During its heyday 10 years ago, Nortel employed about 100,000 but as of last month the firm had a total of 2,403 workers, 534 of them in Canada.

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