Nortel posts wider quarterly loss

Nortel filed its delayed first-quarter results today, noting an additional $167 million net loss on flat sales for the quarter ending March 31, compared to last year's net loss of $104 million. Revenue was comparable at $2.38 billion compared to last year's $2.39 billion. Nortel is attempting to recover from an accounting scandal, which led to the delayed report. The networking giant reiterated is high-single-digit growth in revenue for this year.

For more on Nortel's delayed first quarter results:
- read this Wall Street Journal article (sub. req.)