Nortel Confirms 3Q Estimates

The company has already cut third-quarter estimates twice this year.

Nortel said President and CEO Frank Dunn would issue a letter to employees reconfirming the company's outlook, including expectations that the vendor will break even by the second quarter of 2003.

Last month, Nortel consolidated its shares to avoid delisting from the New York Stock Exchange.

The Brampton-based company has also gone through several rounds of layoffs this year, the most recent coming in August when the company cut 7,000 jobs to bring its workforce to 35,000.

The company started 2001 with about 92,000 employees.

Shares of Nortel rose 4 cents to 48 cents in morning trading.

Nortel plans to release third-quarter results on Oct. 17.