Citing cautious spending by service providers, Nortel Networks reported quarterly revenue of US$2.33 billion, down sequentially approximately 3%. This compares to US$2.77 billion in revenue for Q2 2002. There was a net loss in the second quarter of 2003 of US$14 million, or US$0.00 per common share, compared to net earnings of US$54 million, or US$0.01 per common share, in Q1 2003. Some highlights:
- Compared to Q1 2003, Wireless Networks revenues increased 4%, Enterprise Networks revenues decreased 11%, Wireline Networks revenues decreased 12% and Optical Networks revenues increased 10%.
Compared to Q1 2003, sales in the US decreased 5%, the Europe, Middle East and Africa region (EMEA) decreased 9%, Canada increased 6% and Other areas increased 10%.
Gross margin was 43.7% of sales in Q2 2003, up from 42.9% in Q1 2003, and 34.5% in the second quarter of 2002.
