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20/07/2001
NORTEL ANNOUNCE SECOND-QUARTER LOSSES
NORTEL has announced that it will implement further job cuts, after revealing losses of over $19 billion for the second quarter.
While the drop was in line with recent profit warnings, the Canadian company have revealed that a further 7,000 jobs will be cut over the next eight weeks, blaming the recent downturn in the industry as prompting the move.
While Nortel Chief Executive John Roth described the results as ‘disappointing’ he felt that the company were currently taking “the right steps” to strengthen Nortel Networks position, given the current financial climate.
A reduced demand for high-tech and telecommunications products and services has led many companies in the sector to implement restructuring strategies.
However, mobile phone company Ericsson has provided some light at the end of the tunnel despite unveiling considerable losses for the three-month period. Analysts welcomed the figures, indicating pre-tax losses of 20 billion Swedish kronor ($1.88bn) for the April-to-June quarter, initially fearing worse news in the wake of Nortel’s performance.
Company president Kurt Hellström said that despite current predictions of little to no growth in the mobile systems market, he felt that it would “only a matter of time” before the sector picked up once more as additional network capacity would be required to support the continuing subscriber growth and increasing voice traffic. (CL)
While the drop was in line with recent profit warnings, the Canadian company have revealed that a further 7,000 jobs will be cut over the next eight weeks, blaming the recent downturn in the industry as prompting the move.
While Nortel Chief Executive John Roth described the results as ‘disappointing’ he felt that the company were currently taking “the right steps” to strengthen Nortel Networks position, given the current financial climate.
A reduced demand for high-tech and telecommunications products and services has led many companies in the sector to implement restructuring strategies.
However, mobile phone company Ericsson has provided some light at the end of the tunnel despite unveiling considerable losses for the three-month period. Analysts welcomed the figures, indicating pre-tax losses of 20 billion Swedish kronor ($1.88bn) for the April-to-June quarter, initially fearing worse news in the wake of Nortel’s performance.
Company president Kurt Hellström said that despite current predictions of little to no growth in the mobile systems market, he felt that it would “only a matter of time” before the sector picked up once more as additional network capacity would be required to support the continuing subscriber growth and increasing voice traffic. (CL)
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10 April 2002
Nortel expected to report lower than expected revenues
Nortel Networks has announced that it expects to report lower than expected revenues of around $2.9 billion for the first quarter of 2002. The company, which has a plant in Monkstown, County Antrim, expects to report bottom line improvements for the first quarter, compared to fourth quarter of 2001, in line with its earlier expectations.
Nortel expected to report lower than expected revenues
Nortel Networks has announced that it expects to report lower than expected revenues of around $2.9 billion for the first quarter of 2002. The company, which has a plant in Monkstown, County Antrim, expects to report bottom line improvements for the first quarter, compared to fourth quarter of 2001, in line with its earlier expectations.
21 September 2001
Nortel to announce more job losses at Monkstown plant
Telecommunications company Nortel is expected to shed up to 50 jobs in Northern Ireland. The jobs are expected to go at Nortel’s Monkstown factory in County Antrim following a decision by Nortel to contract out part of its business.
Nortel to announce more job losses at Monkstown plant
Telecommunications company Nortel is expected to shed up to 50 jobs in Northern Ireland. The jobs are expected to go at Nortel’s Monkstown factory in County Antrim following a decision by Nortel to contract out part of its business.
19 June 2002
Nortel taskforce proposed to counteract jobs losses
A new move aimed at building success out of the predicted loss of more than 100 jobs in Nortel’s Northern Ireland operations has been put forward by an East Antrim Assembly member.
Nortel taskforce proposed to counteract jobs losses
A new move aimed at building success out of the predicted loss of more than 100 jobs in Nortel’s Northern Ireland operations has been put forward by an East Antrim Assembly member.
12 October 2001
Insurance company face worse losses than expected
Insurance group Royal & Sun Alliance has revealed that its losses resulting from the terrorist attacks on the United States on September 11 were worse than expected. The group revealed that it faces costs of up to £200 million, £50 million more than was estimated three days after the atrocity.
Insurance company face worse losses than expected
Insurance group Royal & Sun Alliance has revealed that its losses resulting from the terrorist attacks on the United States on September 11 were worse than expected. The group revealed that it faces costs of up to £200 million, £50 million more than was estimated three days after the atrocity.
24 September 2001
BT considers further fragmentation of business operations
The demerger of BT’s mobile phone business might be the first in a series of fragmentations that could see the company broken up into an array of separate entities in an attempt to lessen company’s debt burden.
BT considers further fragmentation of business operations
The demerger of BT’s mobile phone business might be the first in a series of fragmentations that could see the company broken up into an array of separate entities in an attempt to lessen company’s debt burden.
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