Nortel provides update
NetworkWorld.com, 05/16/06
Nortel announced a strategic initiative to focus on metro Ethernet networks supporting high-bandwidth video applications as part of an update on company progress during the first six months of President and CEO Mike Zafirovski's tenure with the company.
Nortel's Metro Ethernet Networks initiative will target development of products designed to deliver high reliability and security for service provider metro Ethernet wireline and wireless deployments, specifically for video applications. Philippe Morin, formerly general manager of Nortel's Optical division, will head the Metro Ethernet Networks effort.
Metro Ethernet joins IPTV, IMS and WiMAX as a strategic focal point for Nortel's turnaround after restating years of financial results following an accounting scandal in 2004.
Nortel also provided guidance for its first quarter, 2006, financial results. The company expects first quarter revenue to be flat to down slightly from a year ago, accompanied by a loss exceeding 2005's first quarter.
The company reiterated that it expects to file its first quarter 2006 results no later than the week of June 5.
Nortel also said it expects strong revenue momentum for the rest of 2006, resulting in high single digit growth for the full year 2006 compared to 2005.
-- Jim Duffy
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