TORONTO –Nov. 2, 2005–Nortel Networks Corporation (NYSE:NT)(TSX:NT):
– Q3 2005 revenues of $2.66 billion, up year over year 22 percent
– Q3 2005 net loss of $105 million, $0.02 per common share on a diluted basis
– Q3 2005 cash balance of $3.0 billion
Nortel Networks Corporation (NYSE:NT)(TSX:NT) today reported results for the third quarter of 2005 in U.S. dollars and in accordance with accounting principles generally accepted in the United States.
“Our results demonstrate solid progress in our next-generation businesses including 3G Wireless, VoIP and Metro-optical and recent announcements show early momentum from execution of our Asia strategy with our joint venture with LG,” said Bill Owens, vice chairman and chief executive officer, Nortel. “As I come to the close of my tenure as CEO, I am pleased that Nortel can now move from this phase of stabilization with the foundation we’ve built over the last 19 months. I am confident that Nortel, with the leadership of Mike Zafirovski, is strong and ready to move forward and will continue to play to win.”