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<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</FONT>

<P align="center"><FONT size="5"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="2"><B>CURRENT REPORT</B>
</FONT>

<P align="center"><FONT size="2"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</FONT>

<P align="center"><FONT size="2">Date of Report<BR>
(date of earliest event reported)<BR>
October&nbsp;11, 2002</FONT>


<P align="center"><FONT size="3">NORTEL NETWORKS CORPORATION</FONT>

<HR width="44%" align="center" size="1" noshade>
<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT></DIV>

<P>&nbsp;

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="18%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="22%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">CANADA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">001-07260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">not applicable</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">(State or other jurisdiction</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(Commission</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(IRS Employer</FONT></TD>
</TR>

<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">of incorporation)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">File Number)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">Identification No.)</FONT></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD colspan="4" align="center"><FONT size="2">8200 Dixie Road, Suite&nbsp;100, Brampton, Ontario, Canada</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">L6T&nbsp;5P6</FONT></TD>
</TR>
<TR>
        <TD colspan="4" align="center"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="4" align="center"><FONT size="2">(address of principal executive offices)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(Zip code)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;
<P>&nbsp;

<P><FONT size="2">Registrant&#146;s telephone number, including area code (905)&nbsp;863-0000.
</FONT>
<P align="center"><FONT size="2"></FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link2 "Item&nbsp;5. Other Events" -->
<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;Other Events</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;11, 2002, the Registrant issued a press release stating that in a
letter from Frank Dunn, its president and chief executive officer, to employees
subsequently issued on the same date, the Registrant updated employees on the Registrant&#146;s
third quarter 2002 revenues and the Registrant&#146;s progress on its drive to
achieve profitability.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dunn&#146;s letter informed employees that the Registrant&#146;s revenues for the third
quarter of 2002 will be US$2.36&nbsp;billion, in line with previously stated
expectations, and that the Registrant&#146;s cash performance continued to be
strong. Dunn&#146;s letter also indicated that the Registrant is in the process of
positioning itself around its four key businesses to drive a break even model
(not including costs related to acquisitions and any special charges and gains)
at quarterly revenues of below US$2.4&nbsp;billion. This break even model is
expected to be in place by the second quarter of 2003.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant plans to release its financial results for the third quarter of
2002 on October&nbsp;17, 2002.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is hereby
incorporated in its entirety by reference.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information included in this report is forward-looking and is subject
to important risks and uncertainties. The results or events predicted in these
statements may differ materially from actual results or events. Factors which
could cause results or events to differ from current expectations include,
among other things: the severity and duration of the industry adjustment; the
sufficiency of Nortel Networks restructuring activities, including the
potential for higher actual costs to be incurred in connection with
restructuring actions compared to the estimated costs of such actions;
successful implementation of Nortel Networks new organization structure;
fluctuations in operating results and general industry, economic and market
conditions and growth rates; the ability to recruit and retain qualified
employees; fluctuations in cash flow; the level of outstanding debt and debt
ratings; the ability to meet financial covenants contained in Nortel Networks
credit agreements; the ability to make acquisitions and/or integrate the
operations and technologies of acquired businesses in an effective manner; the
impact of rapid technological and market change; the impact of price and
product competition; international growth and global economic conditions,
particularly in emerging markets and including interest rate and currency
exchange rate fluctuations; the impact of rationalization in the
telecommunications industry; the dependence on new product development; the
uncertainties of the Internet; the impact of the credit risks of Nortel
Networks customers and the impact of increased provision of customer financing
and commitments; stock market volatility; the entrance into an increased number
of supply, turnkey, and outsourcing contracts which contain delivery,
installation, and performance provisions, which, if not met, could result in
the payment of substantial penalties or liquidated damages; the ability to
obtain timely, adequate and reasonably priced component parts from suppliers
and internal manufacturing capacity; the future success of Nortel Networks
strategic alliances; and the adverse resolution of litigation. For additional
information with respect to certain of these and other factors, see the reports
filed by the Registrant and Nortel Networks Limited with the United States
Securities and Exchange Commission. Unless otherwise required by applicable
securities laws, the Registrant and Nortel Networks Limited disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
</FONT>
<!-- link2 "Item&nbsp;7. Financial Statements, Pro Forma Financial Information and Exhibits" -->
<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;Financial
Statements, <B><I>Pro Forma</I></B> Financial Information and Exhibits</B>
</FONT>

<P align="left"><FONT size="2">(c)&nbsp;&nbsp;&nbsp;Exhibits.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;Press Release dated October&nbsp;11, 2002.
</FONT>

<P align="center"><FONT size="2"></FONT>



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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "SIGNATURES" -->
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>

<P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="57%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="36%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD valign="top" colspan="3"><FONT size="2"><B>NORTEL
NETWORKS CORPORATION</B></FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</td>
</TR>
<TR>
        <TD>&nbsp;</td>
</TR>
<TR>
        <TD>&nbsp;</td>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
<TD valign="top" align="left"><FONT size="2">Dated:&nbsp;&nbsp;October
11, 2002</FONT></TD>
<TD valign="top" align="left"><FONT size="2">By:</FONT></TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">/s/ Deborah J. Noble</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD valign="top"><FONT size="2"><HR noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Deborah J. Noble</FONT></TD>
</TR>
<TR valign="bottom">
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Corporate Secretary</FONT></TD>
</TR>

</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
        <TD>&nbsp;</TD>
<TD valign="top" align="left"><FONT size="2">&nbsp;</FONT></TD>
<TD valign="top" align="left"><FONT size="2">By:</FONT></TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">/s/ Blair F. Morrison</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD valign="top"><FONT size="2"><HR noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Blair F. Morrison</FONT></TD>
</TR>
<TR valign="bottom">
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT size="2">Assistant Secretary</FONT></TD>
</TR>


</TABLE>
</CENTER>


<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<!-- link1 "EXHIBIT INDEX" -->
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<P><FONT size="2">99.1&nbsp;&nbsp;&nbsp;Press Release dated October&nbsp;11, 2002
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>



</BODY>
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e8vk
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(date of earliest event reported)
October 11, 2002
NORTEL NETWORKS CORPORATION
(Exact name of registrant as specified in its charter)
CANADA
001-07260
not applicable
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
8200 Dixie Road, Suite 100, Brampton, Ontario, Canada
L6T 5P6
(address of principal executive offices)
(Zip code)
Registrant's telephone number, including area code (905) 863-0000.
Item 5.  Other Events
On October 11, 2002, the Registrant issued a press release stating that in a
letter from Frank Dunn, its president and chief executive officer, to employees
subsequently issued on the same date, the Registrant updated employees on the Registrant's
third quarter 2002 revenues and the Registrant's progress on its drive to
achieve profitability.
Dunn's letter informed employees that the Registrant's revenues for the third
quarter of 2002 will be US$2.36 billion, in line with previously stated
expectations, and that the Registrant's cash performance continued to be
strong. Dunn's letter also indicated that the Registrant is in the process of
positioning itself around its four key businesses to drive a break even model
(not including costs related to acquisitions and any special charges and gains)
at quarterly revenues of below US$2.4 billion. This break even model is
expected to be in place by the second quarter of 2003.
The Registrant plans to release its financial results for the third quarter of
2002 on October 17, 2002.
A copy of the press release is attached hereto as Exhibit 99.1 and is hereby
incorporated in its entirety by reference.
Certain information included in this report is forward-looking and is subject
to important risks and uncertainties. The results or events predicted in these
statements may differ materially from actual results or events. Factors which
could cause results or events to differ from current expectations include,
among other things: the severity and duration of the industry adjustment; the
sufficiency of Nortel Networks restructuring activities, including the
potential for higher actual costs to be incurred in connection with
restructuring actions compared to the estimated costs of such actions;
successful implementation of Nortel Networks new organization structure;
fluctuations in operating results and general industry, economic and market
conditions and growth rates; the ability to recruit and retain qualified
employees; fluctuations in cash flow; the level of outstanding debt and debt
ratings; the ability to meet financial covenants contained in Nortel Networks
credit agreements; the ability to make acquisitions and/or integrate the
operations and technologies of acquired businesses in an effective manner; the
impact of rapid technological and market change; the impact of price and
product competition; international growth and global economic conditions,
particularly in emerging markets and including interest rate and currency
exchange rate fluctuations; the impact of rationalization in the
telecommunications industry; the dependence on new product development; the
uncertainties of the Internet; the impact of the credit risks of Nortel
Networks customers and the impact of increased provision of customer financing
and commitments; stock market volatility; the entrance into an increased number
of supply, turnkey, and outsourcing contracts which contain delivery,
installation, and performance provisions, which, if not met, could result in
the payment of substantial penalties or liquidated damages; the ability to
obtain timely, adequate and reasonably priced component parts from suppliers
and internal manufacturing capacity; the future success of Nortel Networks
strategic alliances; and the adverse resolution of litigation. For additional
information with respect to certain of these and other factors, see the reports
filed by the Registrant and Nortel Networks Limited with the United States
Securities and Exchange Commission. Unless otherwise required by applicable
securities laws, the Registrant and Nortel Networks Limited disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Item 7.  Financial
Statements,
Pro Forma
Financial Information and Exhibits
(c)   Exhibits.
99.1  Press Release dated October 11, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORTEL
NETWORKS CORPORATION
Dated:  October
11, 2002
By:
/s/ Deborah J. Noble
Deborah J. Noble
Corporate Secretary
By:
/s/ Blair F. Morrison
Blair F. Morrison
Assistant Secretary
EXHIBIT INDEX
99.1   Press Release dated October 11, 2002