Nortel cutting 3,500 more jobs
Last Updated Thu, 19 Aug 2004 08:07:15 EDT
TORONTO - Nortel Networks finally released its delayed first- and second-quarter results Thursday, saying it would cut 3,500 more jobs to deal with continuing challenges at the technology giant.
The preliminary unaudited results showed slim net earnings per share of US$0.00 to US$0.02 in the first six months of 2004, on a fully diluted basis.
Earlier this week, the RCMP confirmed it was conducting an investigation into the technology giant's accounting practices.
It was the latest in a series of blows for Nortel.
In April, the company fired several top executives, including CEO Frank Dunn, amid an internal probe of accounting irregularities at the company.
At the time, Nortel said it would have to restate results for 2003 and the first quarter of 2004.
Written by CBC News Online staff
http://www.cbc.ca/story/business/national/2004/08/19/nortel_alert040819.html
Last Updated Thu, 19 Aug 2004 08:07:15 EDT
TORONTO - Nortel Networks finally released its delayed first- and second-quarter results Thursday, saying it would cut 3,500 more jobs to deal with continuing challenges at the technology giant.
The preliminary unaudited results showed slim net earnings per share of US$0.00 to US$0.02 in the first six months of 2004, on a fully diluted basis.
Earlier this week, the RCMP confirmed it was conducting an investigation into the technology giant's accounting practices.
It was the latest in a series of blows for Nortel.
In April, the company fired several top executives, including CEO Frank Dunn, amid an internal probe of accounting irregularities at the company.
At the time, Nortel said it would have to restate results for 2003 and the first quarter of 2004.
Written by CBC News Online staff
http://www.cbc.ca/story/business/national/2004/08/19/nortel_alert040819.html
