Nortel Stumbles Again
Why is it every time Nortel makes a step forward with investors (hiring Gary Daichendt as president and COO), it takes a step backward? Earlier today, the company said it would post its 2004 third-quarter results - 10 days ahead of its end of the month target - after the markets closed. Well, it's 5:30 p.m. and we're still waiting. (6 p.m update: the quasi-official word now is Nortel could delay its press release until Monday morning.)
This is just another PR/IR fiasco. You would have thought Nortel would have learned its lesson last year when it had to delay the release of financial restatement four times. A better route is under-promise and over-deliver as opposd to the Nortel Way, which is promise and fail to deliver.
Does anyone find it interesting that Nortel is not having a conference call with analysts to discuss the 3Q results but it was more than willing to host a call about a US$5.6 million contract it took away from Cisco to supply networkequipment to the city of San Jose - a victory that is heavily promoted throughout Nortel's Web site
