Nortel takes it on the chin in Q2

Toronto-based Nortel Networks said restructuring charges of $67 million help to push it to a $113 million loss or the second quarter, compared to a $37 million loss a year ago.

Revenue was up slightly to $2.62 billion from $2.56 billion. Nortel’s losses were worse than analysts had expected, but revenues were slightly higher.

The telecom equipment company said it remained on track to meet 2008 goals of modest revenue growth, despite a difficult economy. Nortel in June announced it was moving away from WiMAX to devote more R&D to LTE, or Long Term Evolution technology.

For more:
- See the Wall Street Journal story