Nortel posts loss after Bay acquisition

By editorial@silicon.com, 28 October 1998 16:44

NEWS Northern Telecom has reported a loss of $306m on sales of $4.1bn for its third quarter, due to its acquisition of Bay Networks. One-time pre-tax gains of $377m, one-time pre-tax charges of $388m and $539m in acquisition-related costs make up the figures. Excluding the charges from the three months ending 30 September, the company reported a profit of $241m. Last year Bay Networks saw earnings of $153m on sales of $3.5bn.

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