Nortel hits rock bottom

NEWS Nortel Networks, the second largest US telecom equipment manufacturer, has reported a massive $1.8bn loss for the fourth quarter, despite beating market expectations. The company warned the tough times will continue over the first quarter of 2002 with a predicted 10 per cent loss. The company reported a fourth quarter pro forma loss of $506m, or 16 cents per share, compared to a profit if $929m during the same period last year. Nortel said it expected growth to occur gradually during the second quarter of 2002.