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Nortel Posts Loss, Cutting 1,300 Jobs

Stock quotes in this article: NT  

Nortel Networks(NT Quote) said Monday it plans to cut 1,300 jobs as it reported a third-quarter loss of $3.4 billion, or $6.85 a share.

In the year-earlier quarter, the Canadian telecommunications company earned $27 million, or 5 cents a share.

The latest quarter included an increase in the valuation allowance against deferred tax assets of $2.07 billion and a goodwill write-off of $1.14 billion. The adjusted loss in the quarter was $150 million, or 30 cents a share. ...

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