Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (13661)	8/27/2002 10:54:14 PM
From: stockman_scott	Respond to of 57684

Nortel's 3rd-Quarter Sales to Miss Target, More Job Cuts Planned Tuesday August 27, 7:40 pm ET TORONTO -- Nortel Networks Corp. Tuesday night warned its third-quarter revenue won't meet expectations and that it plans to cut costs even further, including the elimination of up to 7,000 more jobs. The beleaguered telecommunications-equipment maker said the sales shortfall was "primarily due to further reductions in spending by service providers in the United States." Nortel last month projected third-quarter revenue to be "essentially flat" with the second quarter's $2.77 billion, but is now forecasting a drop of up to 10%. But despite the revenue warning, President and Chief Executive Frank Dunn said the company is still expecting its bottom line excluding items to improve in the third and fourth quarter because of its ongoing restructuring effort. Nortel had a second-quarter loss excluding items of $323 million, or nine cents a share. The mean estimates of analysts surveyed by Thomson First Call are for a third- quarter loss of six cents a share and a fourth-quarter loss of three cents a share. biz.yahoo.com