TORONTO – Nortel reports first quarter revenues ending March 31 of (all figures in US$) $1.73 billion, a drop of 37% from the comparable period in 2008. Excluding foreign exchange, the decline would have been 29%, the company says, noting that the revenue decline is in all segments of Nortel operations. Net loss of $507 million compares with a loss of $137 million a year earlier. Click here for complete financial report.