Nortel Networks Corp - Early History, Emergence As A Worldwide Telecommunications Leader, Focus On The Internet
Nortel Networks Corp. is world's second largest manufacturer of telecommunications equipment. The Ontario, Canada-based firm spent billions of dollars in the late 1990s investing in Internet technology. The telecommunications industry slowdown that began in North America in 2000 prompted Nortel to take a $19.2 billion loss—the second-largest quarterly loss in worldwide corporate history—in the second of quarter of 2001. The firm also laid off nearly 30,000 employees, cutting its work force by nearly one third.
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