Nortel Networks, the world's No. 1 supplier of fiber-optic system equipment which employs 4,000 people in Ireland, last night posted fourth-quarter results that matched market estimates.

The company said it expected revenue and earnings to grow by 30 per cent this year - at the bottom of previous estimates of 30-35 per cent growth. Nortel's fourth quarter net profit was $825 million, or 26 US cents per share, up 24 per cent on the year-ago period. Revenue at $8.8 billion was at the upper end of forecasts, a 34 per cent rise on the same quarter in 1999.

Including acquisition charges and one-time gains, Nortel reported a net loss of $1.41 billion, or 46 US cents per share.