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Nortel axes jobs and cuts revenue forecasts
Posted: 16-Feb-2001 [Source: FT]

[Nortel responds to a declining US economy.]

By Ken Warn in Toronto -- Nortel Networks, the networking equipment maker, is axeing thousand of jobs and sharply cutting its revenue and earnings forecasts for this year, citing the severe sharp deterioration in US economic conditions.

The announcement, which followed a trading halt shortly before Thursday's market close, comes amid growing uncertainty over telecommunications companies' ability to carry out amibitious investments in optical networks.

"While we previously noted that economic uncertainties and capital constraints were impacting our outlook, we are now seeing a faster and more severe economic donwturn in the US which we now expect will result in a slower overall market growth of approximately 10 per cent in 2001," said John Roth, chief executive.

The company was seeing longer than expected delays in spending by its US customers as they assessed the impact of economic and market conditions on their businesses, he said.

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