Nortel Falls on Warning, Layoffs
Nortel Networks (NT) was down 10.4% in preopen Instinet trading after it warned that it will lose 48 cents per share in the second quarter before charges.
The telecommunications equipment maker said it expects second-quarter revenue of $4.5 billion, while analysts expected $6.22 billion. Nortel also said will also cut 10,000 jobs and take a charge of $12.3 billion for the write-down of intangible assets, primarily related to goodwill associated with acquisitions.
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