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Technology Stocks : Nortel Networks (NT)
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To: FESHBACH_DISCIPLE who wrote (9748)2/15/2001 8:01:06 PM
From: Kenneth E. Phillipps  Read Replies (2) of 14638
 
"In a conference call after Nortel announced the shortfall, Roth said the company was a victim of
changes in telecommunications budgets among several of its customers. As a result, it only
just learned that its justification for maintaining its guidance for the current fiscal
year--reinforced by several public comments--was incorrect.

"We had good visibility into the budgets of our carrier customers at that time. Their budgets
had been finalized and approved by their boards with good increases," Roth said. "But then
they, one by one, implemented a process of a very judicious review of each and every dollar
spent.

"The carriers are very, very nervous about their ability to get more capital, and they want to
make sure they're able to generate revenue on every dollar spent," he said.

Executives said they plan to reduce expenses to levels comparable with those during the
second quarter of fiscal 2000. "

news.cnet.com
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