Nortel lowers the boom again

Nortel Networks warned that its first-quarter earnings would likely be even worse than forecast last month and said it would cut another 5,000 jobs.

The Brampton, Ontario-based network equipment company said it now expects a first-quarter loss of between 10 cents and 12 cents per share, compared with the anticipated first-quarter loss of 4 cents per share it announced Feb. 15. Nortel said revenue for the quarter would be between US$6.1 billion and $6.2 billion, only slightly lower than the $6.3 billion in its February forecast.

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