Financial performance - 22/09/08

Nortel announced that its revenues will fall by 2%-4% in 2008, due to lower carrier capex and a global economic downturn. It forecasts now 3Q08 revenues of $2.3bn, vs $2.7bn before. It is now reviewing its business in order to find ways to cut costs and could sell its Metro Ethernet Networks unit (including optical and carrier Ethernet portfolios). Nortel is mulling to concentrate only on the Enterprise market!! The share was down about 40%, of which 21% due to the announcement.

Verizon Wireless continues to be optimistic on a solid net subscriber growth in 3Q08.

KDDI warns that its mobile phone sales may drop by 20% in the coming winter shopping season, after a fall of 30% in the summer.