本文发表在 rolia.net 枫下论坛By Reuters
August 27, 2002, 9:30 PM PT
Battered telecommunications equipment giant Nortel Networks said it would cut another 7,000 jobs and lowered its third-quarter revenue forecast on Tuesday, blaming lower spending by U.S. phone companies.
Nortel said it planned to cut its work force to 35,000 people, about 17 percent smaller than the 42,000 work force the company had hoped to have a few months ago. The company had 95,500 employees in December 2000.
"They're losing market share on top of being in a bad market," said Chet White, an analyst with Wells Fargo Securities. "Those combined factors just put them into a difficult position."
The Brampton, Ontario-based company has seen demand plunge for its products that are used in telephone, wireless and Internet networks. Phone carriers suffering from over expansion and crippling debt loads slashed equipment purchases.
Saying its top priority is to return to profitability by the end of June 2003, Nortel said it would cut costs to allow it to break even on less than $2.6 billion in quarterly revenue. The company's previously stated break-even cost structure was $3.2 billion.
It now expects revenue to be about 10 percent lower on weaker-than-expected demand, the company said. It had previously said it expected revenue from operations in the third quarter to be about the same as in the second quarter.
But it said it expects to see improvements in its pro forma bottom line in the third and fourth quarters of this year.
Nortel reported a second-quarter loss before charges of 9 cents per share on sales of $2.77 billion.
Analysts, on average, expected Nortel to post a loss excluding charges of 6 cents per share in the third quarter and a loss before charges of 3 cents per share in the fourth quarter, according to tracking service First Call.更多精彩文章及讨论，请光临枫下论坛 rolia.net
August 27, 2002, 9:30 PM PT
Battered telecommunications equipment giant Nortel Networks said it would cut another 7,000 jobs and lowered its third-quarter revenue forecast on Tuesday, blaming lower spending by U.S. phone companies.
Nortel said it planned to cut its work force to 35,000 people, about 17 percent smaller than the 42,000 work force the company had hoped to have a few months ago. The company had 95,500 employees in December 2000.
"They're losing market share on top of being in a bad market," said Chet White, an analyst with Wells Fargo Securities. "Those combined factors just put them into a difficult position."
The Brampton, Ontario-based company has seen demand plunge for its products that are used in telephone, wireless and Internet networks. Phone carriers suffering from over expansion and crippling debt loads slashed equipment purchases.
Saying its top priority is to return to profitability by the end of June 2003, Nortel said it would cut costs to allow it to break even on less than $2.6 billion in quarterly revenue. The company's previously stated break-even cost structure was $3.2 billion.
It now expects revenue to be about 10 percent lower on weaker-than-expected demand, the company said. It had previously said it expected revenue from operations in the third quarter to be about the same as in the second quarter.
But it said it expects to see improvements in its pro forma bottom line in the third and fourth quarters of this year.
Nortel reported a second-quarter loss before charges of 9 cents per share on sales of $2.77 billion.
Analysts, on average, expected Nortel to post a loss excluding charges of 6 cents per share in the third quarter and a loss before charges of 3 cents per share in the fourth quarter, according to tracking service First Call.更多精彩文章及讨论，请光临枫下论坛 rolia.net