Nortel (NYSE: NT) stock traded down 19 cents, to $2.30, on Monday after public disclosure of its fourth quarter and 2004 financial reports.
Nortel’s reports, which were filed late Friday, showed that the networking company posted a profit of 3 cents a share, or $133 million, for the fourth quarter. That represents a huge drop from 12 cents, or $528 million, in 2003. Contributing to the drop was a variety of charges related to restructuring and discontinued operations.
Revenues also fell to $2.62 billion from $3.27 billion.
In 2004, Nortel lost $51 million, or a penny a share, compared to a $434 million profit the previous year. Revenues dropped to $9.8 billion, down $400 million from a year earlier.
Nortel: www.Nortel.com
