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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62969)	4/19/2002 12:39:49 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Nortel 1st-Qtr Loss Narrows; Will Cut 3,000 More Jobs (Update4) By Justin Baer quote.bloomberg.com Brampton, Ontario, April 18 (Bloomberg) -- Nortel Networks Corp., North America's No. 2 maker of phone equipment, said its first-quarter loss narrowed on lower costs from acquisitions. The company will eliminate 3,000 more jobs after sales fell for the fifth straight quarter. Nortel said the latest round of reductions will drop its workforce to about 44,000 employees, less than half the 94,500 it had in January 2000. The first-quarter loss narrowed to $841 million, or 26 cents a share, from $2.58 billion, or 82 cents, a year earlier. Sales fell 49 percent to $2.91 billion. The cost cuts will help Nortel break even, excluding certain expenses, in the fourth quarter on revenue of at least $3.5 billion. In February, Chief Executive Frank Dunn said the company could turn a profit with $3.8 billion in quarterly sales. ``I'm encouraged they're bringing costs down and making profitability a more likely scenario,'' said Michael Cohen, who manages the Alpha Analytics Digital Future Fund and owns Nortel shares. ``The dip has been more dramatic than most people expected. (The job cuts) just show they'd misjudged the severity.''