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To: Johnny Canuck who wrote (41178)	5/11/2004 12:07:11 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70379

Job cuts ahead as MCI posts $388 million loss Last modified: May 10, 2004, 2:37 PM PDT By Reuters MCI said on Monday it lost $388 million in the first quarter, and would cut 7,500 jobs in an effort to restore profits in the second half of 2004. The job cuts, equal to roughly 15 percent of its work force, come on top of 5,700 cuts announced earlier this year by the second-largest U.S. long-distance telephone company. MCI, which emerged from the largest bankruptcy in U.S. corporate history last month and shed the WorldCom name, previously forecast a net loss for all of 2004, as its sales and prices shrank under increasing competition. For the first quarter, MCI said it lost $388 million, or $1.19 a share, compared with a profit of $52 million a year earlier, when it had no shares trading due to the bankruptcy. Revenue fell 12.9 percent to $6.3 billion. Excluding its stake in Brazilian network operator Embratel, which MCI agreed to sell last month, revenue fell 17.7 percent to $5.4 billion. MCI and long-distance giant AT&T have lost millions of customers to traditional local phone companies, known as the Baby Bells, and to wireless phones that typically offer free long-distance calls.