Nortel cuts jobs as losses widen
February 27, 2008
Nortel's stock plunged some 13% after it reported that its fourth quarter earnings declined about 3.7% to $3.2 billion. The company reported a loss for the fourth quarter of $884 million compared to a loss of $80 million in the fourth quarter of 2006 due to to a tax-related charge. The company also plans to cut 2100 jobs and move another 1000 to a lower wage locations.