Nortel Forecast Hints at Lost Market Share
From Bloomberg News
Nortel Networks Corp., North America’s largest telephone-equipment maker, said sales growth this year would lag that of competitors and predicted third-quarter revenue would fall from the second period’s $2.6 billion.
The forecast suggests Nortel has lost market share to competitors while new Chief Executive William Owens restates earnings back through 2001.
Shares of Brampton, Canada-based Nortel fell 30 cents to $3.50 on the NYSE.
