Nortel posts $507 million loss for Q1

TORONTO – The losses continue at struggling Nortel Networks as it reported a loss of US$507 million in its first quarter, compared to a $138 million loss a year ago. Revenues for the quarter ended March 31, 2009, were $1.73 billion, a 37% year-over-year decrease across all business segments, while management operating margin (MOM) was negative $244 million, compared with positive MOM of $129 million in first quarter of 2008. The company blamed the results on “the severe economic downturn” and its filings for creditor protection in January. Despite the declines, president and CEO Mike Zafirovski said in a press release that...