Nortel Posts Q1 Results…Finally!

Nortel posted a first-quarter net loss of $167-million, or 4 cents a share, compared with a loss of $104-million, or 2 cents, a year earlier. Revenue fell to $2.38-billion from $2.39-billion as sales declined in nearly every geographic region and some contract revenue was delayed. The company will hold a conference call via Webcast at 8:30 a.m. today. "I am pleased to be current in our financial reporting," said Nortel CEO Mike Zafirovski. "While our results reflect a challenging first quarter, we continue to expect good revenue and operating margin momentum commencing in the second quarter, in line with our previously communicated full year plan. We remain focused on our business transformation initiatives, integrity renewal and short term growth opportunities, while concurrently building the long-term foundation for the new Nortel."
Update: Nortel shares fell to $2.49 in Toronto today – their lowest level since late-2002.

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