resume reviews, the Vault Job Board and more. LIBRARY Vault Guide to the Top Telecom Employers Nortel Networks Limited Internet-based optical networks. As a result of the realignment, which was completed in Fall 2002, the company ended up cutting about 3,500 jobs. A string of losses, but some improvement In July 2002, the company reported losses for its second quarter. Nortel lost $697 million as revenue slipped 40 percent to $2.8 billion from the previous year. Nortel added that it would "actively review" its cost structure and seek to reduce costs further. In August, Nortel sold an office complex based in Santa Clara, Calif., for $24 million, less than half of its asking price. Despite all the grim-sounding news, things have started to improve at the company, and by the end of 2003, the company announced that it was No. 1 globally in the soft switch market and in carrier packet gateway ports shipped for the fourth quarter and the entire year of 2003, according to reports from Synergy Research Group. Nortel had a 38 percent share of the global softswitch market in 2003, almost 30 percentage points higher than the nearest competitor, according to SRG. This included a 50.8 percent share in the fourth quarter. SRG also reported that Nortel had 42 percent of all carrier packet voice gateway ports shipped in 2003, a 9-percentage point increase over 2003 and nearly double the nearest competitor. The company was also the global leader in high density VoIP gateway ports shipped in 2003 with a 53 percent share. Big contract In September 2003, the company announced that Verizon Wireless had signed a multi-year agreement with Nortel Networks - estimated to be worth $1 billion - for wireless infrastructure technology, including expansion and upgrade equipment for its nationwide, third-generation voice and data network. In addition to this, in February 2004, the company's chief executive Frank Dunn told a meeting of investors and analysts that Nortel may begin to use acquisitions to fill out its product offerings, but he fav