Jan. 18, 2001
Nortel posts fourth quarter results on par with Wall Street expectations. Nortel earned $825 million on revenue of $8.82 billion, compared to earnings for $697 million on revenue of $6.57 billion in the fourth quarter of 1999. Full year revenue hit $30.38 billion, up 42 percent from $21.29 billion in 1999. Nortel enjoys success, its employee count hits 93,500.
Despite projecting 30 percent growth in 2001, Nortel cuts its earnings and sales forecast in half, citing the weak U.S. economy. That warning is a catalyst for a 33-percent drop in Nortel's stock and triggers a number of class action lawsuits.
Oct. 2, 2001
Nortel Networks announces CFO Frank Dunn will replace John Roth as president and CEO. Nortel also announces adjusted earnings projections, adding that it would further restructure and reduce head count by another 20,000 in the quarter.
Oct. 18, 2001
Nortel posts a $3.5 billion loss in the third quarter.