Nortel eliminates 7000 jobs
Nortel Networks said today that it plans to cut about 7000 jobs amid its projection that third-quarter earnings would fall by 10% compared to the same quarter last year.
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Service provider spending in the U.S. continues to fall, and Nortel expects continued pressure on customer capital spending well into 2003. The company said it is also taking steps to lower its quarterly breakeven cost structure.
“Our top priority remains to return to profitability by the end of June 2003,” said Frank Dunn, president and chief executive officer of Nortel, in a press release.
--Lynnette Luna, senior editor
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© 2012 Penton Media Inc.
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