Nortel posts larger 1Q loss, sales fall
Nortel Networks posts larger $507M loss in 1Q as sales fall 37 pct
Nortel Networks Corp. has reported a first-quarter net loss of $507 million, as revenue slumped 37 percent from a year earlier.
The Toronto-based telecommunications equipment maker said Monday that its loss amounted to $1.02 per share for the three months ended March 31 compared with a year-ago loss of $138 million, or 28 cents per share.
It says revenue fell to $1.73 billion from $2.76 billion a year ago.
CEO Mike Zafirovski says margins declined due to the severe economic downturn and Nortel's filing for bankruptcy court protection from creditors on Jan. 14.
Copyright 2009 AP News
