Nortel Networks Corp reported its quarterly loss widened as the global recession contributed to a steep drop in revenue.

The company lost $507 million, or $1.02 a share, in the three months ended March 31. That compares with a loss of $138 million, or 28 cents a share, a year earlier.

Revenue fell 37 percent to $1.73 billion with declines in all segments and regions, the company said. Analysts on average had expected Nortel to post revenue of $2.32 billion, according to Reuters Estimates.

The company blamed the drop on the weak economy and its bankruptcy filing, which rattled the confidence of some customers.

Chief Executive Mike Zafirovski said in an interview that revenue stabilized after January and began to track higher in February and March, adding: "I am cautiously optimistic that the worst is behind us."

Nortel filed for bankruptcy protection in January, blaming the economic crisis for derailing a turnaround effort that began in 2005.

By: DocMemory
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