Posted AT 11:42 AM EST on 01/08/08
Nortel grows, stock sinks
Investors questioned whether Nortel Networks Corp. could deliver on its promises of growth and profitability, hammering the stock down 17 per cent after the company posted a small rise in revenue for last quarter.
Nortel's $2.62-billion (U.S.) of sales exceeded expectations on the Street, but its loss of $113-million, or 23 cents a share, was triple the loss a year earlier and larger than analysts had forecast.
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