Nortel to cut 3,000 jobs

Nortel Networks Corp, North America's second-biggest maker of phone equipment, said its first-quarter loss narrowed on lower acquisition-related costs. The company will eliminate 3,000 more jobs after sales fell for the fifth straight quarter. The cuts will reduce the workforce 6.4 percent to 44,000. Nortel's loss narrowed to US$841 million, or US$0.26 a share, from US$2.58 billion, or US$0.82, in the year-earlier period. Sales fell 49 percent to US$2.91 billion. Nortel said the job reductions will help it break even.