Nortel earnings tank with worsening economy
November 10, 2008
Nortel reported its biggest quarterly loss in seven years amid a worsening economy, with losses at $3.4 billion, or $6.85 a share, during the third quarter of 2008. — But do not let those numbers fool you. Nortel took some big, one-time charges and are shaving staff. Look for Nortel to turn things around in the next two quarters.