Nortel reports 25% drop in Q2 revenue to €1.39bn

NORTEL, the Canadian telecommunications equipment manufacturer which employs around 800 people in Ireland, has reported a 25% year-on- year fall in revenue to $1.97 billion (€1.39bn) for the second quarter of this year.

However, that same figure did also represent a 14% rise when measured on a rolling quarter-by- quarter basis. Favourable exchange rate changes upped Nortel’s cash balance to $2.56bn at the end of June, against $2.48bn as of the end of March.

Commenting on theresults, outgoing Nortel president and chief executive Mike Zafirovski said: “While we continue to be impacted by the economic environment and the creditor protection proceedings, we have successfully stabilised the business since filing for creditor protection.