Strong growth in wireless and broadband networks has resulted in third-quarter results ahead of Wall Street expectations at the Canadian telecommunications networking company, Nortel Networks.

Nortel, which employs 900 people in Galway, discounted once-off charges to report net income of $241 million, or 42 cents per share, compared with net earnings of $153 million, or 29 cents per share, in the third quarter of 1997. Wall Street had predicted earnings of 37 cents per share according to financial forecasters, First Call. Revenue increased 18 per cent to $4.14 billion from $3.5 billion for the same quarter in 1997.