Mixed results from Nortel, Sun, Gateway, Celestica and Siebel

Nortel Networks reported its Q3 results, which showed a $3.5bn loss, or $1.08 a share, compared to a loss of $586bn, or 17 cents a share a year ago.

It said sales had fallen as demand for telecommunications equipment slowed.

The company said that it would not make predictions for the fourth quarter as there is such uncertainty about the US economy.

However, it did say that its re-structuring will lead to savings by the beginning of fiscal 2002 and that the aftermath of 11th September is putting more traffic on the networks, so it hopes to be in a better financial by the middle of next year.

On Tuesday the company announced that 150 jobs are to be lost at its facility in Galway.