Nortel's loss deepens to $5.8 billion

TORONTO – A 5% drop in revenue last year helped push Nortel Networks’ net loss to $5.8 billion for 2008.Nortel, who filed for creditor protection in January, saw fourth quarter revenue drop across all of its business units – an 8% decrease in the carrier networks unit, 30% in the enterprise solutions unit, 12% in global services, and 14% in the metro ethernet networks group. Revenues for the fiscal year ended December 31, 2008 were $10.42 billion compared to $10.95 billion for 2007. The net loss included a non-cash charge of $3 million to increase the valuation allowance against deferred tax...