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Nortel Posts Larger 1Q Loss, Sales Fall
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TORONTO (AP) — Nortel Networks Corp. posted a $507 million first-quarter loss Monday as phone companies and other telecom equipment buyers choked off spending during the deep economic downturn.
The Toronto-based company, which has been operating under bankruptcy protection since mid-January, reported a 37 percent decline in revenue and shrinking margins leading to the loss for the three months ended March 31 equal to $1.02 per share.
It lost $138 million, or 28 cents per share, in the same period a year ago. ...
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