Nortel Reports Results for the First Quarter 2007

Nortel Reports Results for the First Quarter 2007

Nortel* Networks Corporation’s [NYSE/TSX: NT] continued focus on growth initiatives and organizational simplification delivered measurable progress as the Company announced results for the first quarter of 2007, prepared in accordance with United States generally accepted accounting principles (GAAP) in U.S. dollars.

“I am very pleased with our revenue and gross margin performance to start the year. Our first quarter revenues grew 4 percent year over year or 12 percent if you consider that we divested our UMTS Access business at the end of last year, and we showed positive cash flow from operations for the second quarter in a row excluding the impact of the litigation settlement” said Mike Zafirovski, President and CEO, Nortel.

“While our first quarter results demonstrated significantly improved financial performance, we must and will continue our relentless pursuit of customer satisfaction and business transformation to deliver on our 2007 business plan.”

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