Nortel posts larger losses

TROUBLED NETWORK KIT MAKER Nortel posted a half billion dollar first quarter loss claiming that phone companies and other telecom equipment buyers stopped buying its gear during the economic slowdown.

The AP has the announcement and notes that Nortel has been operating under bankruptcy protection since mid-January, so it needs poor results like a hole in the head.

It reported a 37 per cent decline in revenue and shrinking margins leading to a $507 million loss for the three months ended March 31. It lost $138 million in the same period last year. Revenues fell to $1.73 billion from $2.76 billion a year ago. µ