Nortel (NT:NYSE - news - commentary - research - analysis) met recently lowered first-quarter financial targets Thursday, but the troubled Canadian telecom gearmaker said customer spending cuts will make for flat results in the second quarter.
The company also trimmed its workforce by 3,000...
Nortel now expects to post a first-quarter loss of 14 cents a share, wider than the 13 cent loss analysts forecast, according to earnings tracker First Call. The revised estimate includes a $200 million pre-tax writeoff of excess and obsolete inventory.
The company also expects to report...