March 4, 2011 / 9:46 PM / 6 years ago

UPDATE 1-Nortel Networks reports Q4 loss on accounting charge

1 Min Read

* Q4 loss/shr $4.57 vs EPS $3.57 year ago

* Q4 revenue plunges 96 percent to $28 mln (Adds details)

March 4 (Reuters) - Canada's once mighty telecom giant Nortel Networks , reported fourth-quarter loss, hurt by a non-cash charge arising from an accounting change at its U.S. subsidiaries it had warned about earlier.

The company had said in January that a change in its accounting methods would result in a non-cash charge of $2.2 billion.

Nortel, which filed for bankruptcy in January 2009 and is auctioning off its assets in an effort to pay back debtholders, reported a net loss of $2.3 billion, or $4.57 a share, compared with net earnings of $1.8 billion, or $3.57 a share, last year.

Revenue plummeted nearly 96 percent, to $28 million, with declines year over year in all segments and regions.

Cash balance as of Dec. 31 was $807 million, the company said in a statement.

Reporting by Amruta Sabnis in Bangalore; Editing by Prem Udayabhanu

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