BT shares take a beating

NEWS BT shares gained some ground in mid-morning trading, after shares fell six per cent earlier this morning on the back of poor financial results. By 10:45(GMT) shares were 2.59 per cent down at 329p. BT reported a second quarter loss of £1.48bn, attributing the bulk of it to investment write-offs. This compared with a profit of £280m last year. Analysts had predicted lower losses. Revenue of £5.3bn was up 5.7 per cent on last year, but also missed analysts' expectations.