TORONTO – Canada's Nortel Networks Corp. said on Friday it expects to post a fourth-quarter loss that includes a $630 million charge as the once high-flying technology company struggles with its restructuring plans.
Nortel, a network equipment supplier, said in a release that it expects to post a pro-form net loss per share from continuing operations of 16 cents and an overall net loss per share from continuing operations of 63 cents.
Overall, it expects revenues from continuing operations to be $3.4 billion.
The company said the net loss will include $900 million in acquisition-related costs and a write-down for the carrying value of certain assets. It will also post a $630 million restructuring charge related to job reductions.
Nortel, once one of the world's most valuable companies, and which is now undergoing a massive job restructuring program in a bid to trim costs, said it expects its overall work force to be approximately 52,000 by Dec. 31.