Financial Times FT.com

Nortel optimistic on full-year targets

By Paul Taylor in New York

Published: May 2 2008 20:02 | Last updated: May 2 2008 20:02

Nortel Networks, the Canadian telecommunications equipment maker, reported a wider first-quarter loss on Thursday, reflecting a series of special charges, but revenues rose and the company said it still expected to meet its full-year targets.

The net loss of $138m, or 28 cents a share, compared with a loss of $103m, or 23 cents a share, a year earlier. The latest loss included restructuring charges of $88m compared with $80m a year earlier, a $12m charge related to a patent lawsuit settlement, and a loss of $19m due to changes in foreign exchange rates.

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