Nortel losses widen in first quarter

Research Triangle Park, N.C. — Telecom gear maker Nortel (NYSE: NT) reported a $25 million greater loss in the first quarter of 2008 than a year earlier on Friday.

Revenues increased to $2.76 billion from $2.48 billion in 2007, but losses increased to $138 million, or 28 cents per share, from $103 million, or 23 cents a share, due to higher expenses and charges.

Analysts polled by Thomson Reuters had expected $2.49 billion in revenue and a much lower loss of 14 cents per share adjusted for one-time expenses. Nortel said its loss was 5 cents a share excluding one-time charges.

Expenses included an $88 million charge for restructuring.

Carrier network sales revenues increased 21 percent to $1.22 billion while enterprise solutions climbed 7.4 percent to $641 million and global services revenues jump 15 percent to $516 million.

Nortel employs more than 2,000 people at its campus in RTP. Its headquarters are located in Canada.