Nortel Network Q2 loss at US$19.2 bln; trim 10,000 jobs before end-Sept

Nortel Network released an earnings warnings and announced another lay-off move, which caused many tech stocks to go down.



Nortel Network sad that in the Q2 earnings, considering a provision of US$12.3 bln and the slowdown in the demands for telecom products, the company would record a loss of US$19.2 bln, with per share loss of 48 US cents, and the turnover is expected to stand at US$4.5 bln.



Meanwhile, the company announced that it would further lay off 10,000 employees by the end-Sept, thus increasing the cut jobs to 30,000 this year, adding that it would suspend the distribution of dividend.

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