Wednesday, February 27, 2008

Nortel cutting 2,100 jobs

Nortel Networks, the Canadian telecommunications equipment company, announced Wednesday it is cutting 2,100 jobs and transferring 1,000 after posting a fourth-quarter loss of $844 million US.
It's just the latest staff cut at the Toronto-based company, which has slashed tens of thousands of jobs since the dot-com balloon broke and endured a major accounting scandal.
The big loss follows a one-time charge of $1.06 billion US for the valuation allowance against a Canadian deferred tax asset.
Revenue in the quarter was $3.2 billion, down four per cent, and $10.95 billion for the full year, also down four per cent.
© The Canadian Press

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