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<HTML>NEW YORK (CNNfn) - Nortel Networks warned Tuesday it will post a wider-than-expected third-quarter loss and said it is cutting 15,000 more positions from its workforce.
Nortel (NT: Research, Estimates) said it expects to report a quarterly loss of $910 million excluding charges, which translates into a loss of 28 or 29 cents per share, according to research firm First Call.
Analysts surveyed by First Call currently expect a loss of 21 cents per share.
Including charges, Nortel is expecting to log a net loss of $3.6 billion.
Charges for the quarter include $1.3 billion in incremental charges, which includes charges for excess and obsolete inventory and third-party investments, and $735 million in restructuring charges.
The company is also taking a $650 million charge for ongoing amortization on intangible assets.
The company said it expects third-quarter revenues from continuing operations to be $3.5 billion, compared to the consensus First Call estimate of $3.98 billion.
Nortel said it is bringing its total number of workforce reductions to 45,000 for the year, up from the total of 30,000 reported when the company warned on its second-quarter earnings.
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Nortel (NT: Research, Estimates) said it expects to report a quarterly loss of $910 million excluding charges, which translates into a loss of 28 or 29 cents per share, according to research firm First Call.
Analysts surveyed by First Call currently expect a loss of 21 cents per share.
Including charges, Nortel is expecting to log a net loss of $3.6 billion.
Charges for the quarter include $1.3 billion in incremental charges, which includes charges for excess and obsolete inventory and third-party investments, and $735 million in restructuring charges.
The company is also taking a $650 million charge for ongoing amortization on intangible assets.
The company said it expects third-quarter revenues from continuing operations to be $3.5 billion, compared to the consensus First Call estimate of $3.98 billion.
Nortel said it is bringing its total number of workforce reductions to 45,000 for the year, up from the total of 30,000 reported when the company warned on its second-quarter earnings.
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