Shares of Nortel Networks sank as much as 17 percent on Friday after the company reported a wider second-quarter loss and warned that it faces challenges ahead.
The Canadian telecommunications equipment company posted a quarterly loss of $113 million, or 23 cents a share. That compares with a loss of $37 million, or 7 cents, a year ago. The results included $67 million in restructuring charges.
The company also warned that it faces increasing challenges amid concerns about the economy and lower spending by certain North American CDMA customers. But it asserted that revenue is expected to grow in the … Read more