Nortel loses $3.5bn

Nortel Networks posted a loss of $3.5bn on the back of plunging demand for telecoms equipment, and admitted it can't tell whether the market will improve or not.

The loss was fractionally better than pessimistic predictions issued earlier this month though, although sales were down across the Canadian firm's entire product range. Revenues fell to $3.7bn, down from $6.7bn last year.

Only in Asia were there any positive signs for the company, which stated that it did see growth in wireless and long distance systems products.

Nortel said it could not issue any predictions for future quarters.