Networking company Nortel saw its net loss diminish significantly from a year ago as revenue rose 9.7 percent to $3.32 billion, up from $3.03 billion last year. In 2006 the company posted a $2.29 billion loss because of a significant litigation expense, but this time around the company posted a net loss of $80 million. Nortel also restated earnings for 2006, the fourth restatement in recent years, and the revised results showed revenue boosts in the first three quarters by about $24 million. Results for years past were reduced, however. CFO Peter Curie recently surprised the industry and Wall Street when he announced he would step down, effective April 30.
For more on Nortel's Q4:
- see this WSJ article (sub. req.)