Blaming its filings for creditor protection and the economic downturn, Nortel Networks said that its revenue in the first quarter of 2009 fell 29% year-on-year, stripping out the impact of currency fluctuations, to 1.73 billion US dollars.
Nortel said that R&D expenses were 341 million dollars in the first quarter of 2009, compared to 420 million for the first quarter of 2008. source: Nortel statement
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