Nortel’s cost cutting has paid off, at least temporarily.
The telecommunications equipment manufacturer reported a profit of $54 million, or a penny a share, for the first quarter even as revenues declined. The profit was the first reported by Nortel in 13 quarters.
Revenues were down 18 percent to $2.4 billion from 2002.
Looking ahead, Nortel said it expected equipment purchases to decline somewhat this year.
