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Strong growth in Europe, North America and Asia Pacific

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Nortel Networks saw shares rise yesterday on the back of better than expected results for its second quarter. The Ontario-based networking vendor posted net profit of $368 million, and compared to $212 million for the same period last year. Sales grew 30 per cent to $5.41 billion, from $4.16 billion last year. Figures also showed the company had turned around its wireless product sales -- which had suffered from falling turnover in the first quarter, compared to the previous year. Earnings per share were 55 cents - First Call had forecast earnings of around 50 cents per share. Analysts said Nortel was on track to hit its full year financial targets and that it had allayed investors' fears concerning Y2K purchase delays. The manufacturer's prospects look healthy for the second half of the year. Shares surged 6.3 per cent, or C$8, to C$134.45 on the Toronto Stock Exchange yesterday following the announcement. ®

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