By Pia Heikkila, 9 April 2002 16:40
NEWS Networking giant Nortel has lowered its revenue expectations due to poor sales. The company said its year-on-year sales went down from $6.18bn to $2.9bn. Nortel had predicted total sales of $3.1bn for the year but had to issue a lowered forecast this morning. The company also said it plans to use a $1.75bn bank line of credit as a rescue plan. The company had its credit rating cut by Moody's late last week. Nortel is scheduled to release its first quarter figures on 18 April.
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