Nortel swings to a loss

Nortel Networks posted a $37 million loss in its Q2 because of lower revenue and various charges. That's down from $342 million in net income this time last year. Some of the fees that affected the bottom line include charges of $36 million for restructuring and $35 million from ongoing discussions with the SEC related to an accounting probe. The company's revenue fell 7.8 percent to $2.56 billion from $2.78 billion. Nortel had expected flat or slightly decreased revenue. The company's largest unit, its carrier business, fell 16 percent to $1.06 billion, partly because it sold its UMTS business last year.

For more on Nortel's Q2:
- read this WSJ article (sub. req.)
- and read this press release

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