Nortel plans to cut 10,000 jobs and as it lowers earnings outlook
Article Abstract:
Nortel Networks Corp. announced sharply lower profit estimates and layoffs of 10,000 employees as it encounters slowing markets from the U.S. economic downturn. Nortel's new forecast is for 15% sales growth, down from 30%, and earnings growth of 10% instead of 30%. The late afternoon report caused Nortel stock to drop by 29% to $21 in after-hours trading. The company stated that reduced financing for small businesses have caused them to scale back on their telecom equipment purchases.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 2001
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Lucent is said to be ready to offer buyouts to 10,000
Article Abstract:
Lucent Technologies has offered 10,000 executives early retirement and has laid off 2,000, as well as cancelling 2,200 contract positions. Chief Henry B. Schacht hopes to save Lucent about $100 million a year with the buyout deal after suffering a $1.26 billion loss last quarter. Lucent hopes managers are enticed by the deal so the company can work toward raising $2 billion by Sept. The sale of a $4 billion fiber optics unit is fallow, so Lucent may close factories in Oklahoma and Ohio and possibly sell more. Schacht does expect narrower losses next quarter.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 2001
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Comment about this article or add new information about this topic:
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