When Nortel Networks Corp reports its quarterly results on Monday, the focus is likely to fall on the top line as investors look to see how well sales at the ailing telecom equipment maker are holding up in the global economic meltdown.

Nortel, which filed for bankruptcy protection from creditors in January, has seen its revenue tumble as telecom companies and other big corporate clients cut spending on network and telephone gear that the company makes.

Earlier this week, Nortel made good on its pledge to slash more jobs, cutting 3,200 employees around the globe. Mike Zafirovski, the company's CEO, also didn't rule out more cuts.

Since a bevy of one-time charges and restructuring costs will likely affect Nortel's bottom line, revenue, as well its gross and operating margins, will take center stage.

You're going to certainly care about how much are revenues down, said Duncan Stewart, analyst at DSAM Consulting.

There are some concerns that, at least in part due to the restructuring, the wireless sales specifically might fall off a cliff.

Analysts are expecting the company to show a 14 percent decline in revenue, according to Reuters Estimates.

Investors and analysts, as well as Nortel's customers and suppliers, will also hope for more clarity on which areas of the business the company intends to keep and which ones it is planning to sell or perhaps even shut down.

They're just not providing any information about how they're going to tighten and focus their attention, said Andy Woyzbun, lead analyst at Info-Tech Research Group. It's still a big cloud.

Nortel is widely expected to try to sell entire divisions as its bankruptcy restructuring proceeds. What's not clear is whether any buyers will emerge. The company has already suspended a planned sale of its Metro Ethernet Networks unit, which analysts said may have fetched as much as $1 billion.

But rather than spending on acquisitions, any potential buyers may now prefer to hoard cash to better weather the economic downturn.

Stewart said it's also possible that Nortel will only make divestiture announcements once deals are signed.

Analysts expect the company to turn in a fourth-quarter profit of 21 cents a share before one-time items on revenue of $2.74 billion, according to Reuters Estimates. A year ago, Nortel reported a profit of 48 cents a share before items on revenue of $3.2 billion.

Even if Nortel meets those expectations, it would mark a drop in sales of about $450 million from the same quarter last year, reflective of cautious spending by customers and the economic malaise that has gripped the world.

Although Toronto-based Nortel will be reporting results on Monday, it will not host a conference call with management. It is the first time that Nortel has decided against a call to discuss its quarterly results.

Nortel filed for bankruptcy protection in Canada and the United States on January 14, blaming the economic crisis for derailing a turnaround effort that began in 2005.

It had about $2.4 billion in cash when it sought court protection from its creditors and about $4.5 billion in long-term debt, according to court documents.

The company's shares are almost worthless, trading unchanged at 10.5 Canadian cents on the Toronto Stock Exchange. In mid-2000, at the height of the company's success, the stock was worth more than C$1,100, adjusted for a share consolidation that took place in late 2006.

($1=$1.27 Canadian)

(Reporting by Wojtek Dabrowski; editing by Frank McGurty)