Nortel announces revised full year outlook

In the face of a continued economic downturn, Nortel Networks has revealed a preview of its third quarter results and revised down its full year outlook.

The company said it expected third quarter revenues of $2.3 billion for the period ending September 30. However, it said it expected total annual revenue to decline two to four percent from 2007. The Toronto-based equipment manufacturer also announced that a comprehensive review of the company's entire business plan was under way to determine how it could stay competitive in a changing and increasingly saturated market.

For more:
- see this release

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