Nortel Networks is cutting 2,100 jobs and transferring 1,000 after posting a fourth-quarter loss of US$844 million.
It's just the latest staff cut at the Toronto-based telecommunications company, which has slashed tens of thousands of jobs since the dot-com balloon broke and endured a major accounting scandal.
The big loss follows a one-time charge of US$1.06 billion for the valuation allowance against a Canadian deferred tax asset.
Revenue in the $3.2 billion, was down four per cent year over year and was $10.95 billion for the full year, down four per cent.
Mike S. Zafirovski, President and CEO of Nortel speaks at a press conference in Mumbai, 12 August 2007, INDRANIL MUKHERJEE/AFP/Getty Images