Lower sales, charges, drag Nortel to loss

Nortel Networks Corp. said on Thursday that it swung to a second-quarter loss, as lower sales, restructuring and other one-time charges hurt results.

Nortel, North America's biggest maker of telephone gear, said it lost $37 million, or 7 cents per share, reversing a net profit of $342 million, or 79 cents per share, in the same period a year earlier.

Revenue fell 8 percent to $2.56 billion from $2.78 billion in the year-prior quarter, largely a reflection of Nortel's sale of its high-speed wireless access business, known as UMTS access, and the timing of contract completions.

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- Posted: 2007-08-02 09:51:14

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