Nortel Networks said its first quarter revenue rose 11 percent to $2.76 billion, largely due to deferred revenue from an LG Electronics joint venture that had been projected to wrap up in the second quarter. Nortel said losses totaled $138 million, or 28 cents a share, up from $103 million, or 23 cents a share a year ago. Excluding an $88 million restructuring charge, the company said losses narrowed to $35 million.
Revenue for Nortel's carrier business, its largest unit, rose 21 percent as profits surged 68 percent; its Ethernet segment was the only one to post a drop--12 percent.
- See the Wall Street Journal story
Nortel to cut 2100 more jobs