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Archive for November 11th, 2008

Nortel Loses $3.4 Billion, Plans To Cut 1,300 Jobs

Nortel Networks on Monday announced it lost $3.41 billion in the third quarter and plans to eliminate 1,300 jobs amid an economic downturn trickling through the tech sector. Nortel also plans salary and hiring freezes, fewer management positions, and a suspension of certain preferred-share dividends.”In September, we signaled our view that a slowdown in the market was taking place. In the weeks since, we have seen worsening economic conditions, together with extreme volatility in the financial, foreign-exchange, and credit markets globally, further impacting the industry, Nortel and its customers,” said Nortel President and CEO Mike Zafirovski.” We are therefore taking further decisive actions in an environment of decreased visibility and customer spending levels.”

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November 11th, 2008

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