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Nortel Darkens 3Q Outlook

9/16/2004 8:38 AM Eastern

Nortel Networks Corp. said Thursday that it expects third-quarter sales to fall behind those of the previous quarter, reversing an upbeat forecast made in August, according to Reuters.

The troubled vendor will report full first-half results and restated results for 2003 in October.

Nortel said it expects revenue in the quarter ended Sept. 30 to fall below second-quarter sales of $2.6 billion. The company also sees its 2004 sales growing in the mid-single-digits compared with 2003, lagging behind the overall market for telecommunications equipment, Reuters reported. As recently as Aug. 19, Nortel said it would outpace the market.

Nortel also announced that same day that it would cut 3,500 jobs, or 10% of its work force, in an effort to reduce annual expenses by an additional $450 million-$500 million.

 

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