Nortel cutting 7000 more jobs

Oct. 1, 2002

Nortel Networks has lowered its Q3/2002 sales forecast from "flat" on Q2's EUR2.77bn to "10% down".

To return to profit by end-June 2003, Nortel has cut its target quarterly revenue break-even from EUR3.2bn to less than EUR2.6bn.

After having 95,500 staff in December 2000, Nortel is cutting another 7,000 staff by end-Q4/2002 to 35,000. This is 17% fewer than the 42,000 it forecast at end-May after announcing 3,500 job cuts from its long-haul business by end-Q3/2002.

Sponsored Recommendations

April 25, 2025
This webinar will examine trends and advancements at the system and optical module levels for data center interconnect. Register today to join the discussion.
April 10, 2025
The value of pluggable optics in open-line systems is also becoming more apparent. This webinar describes this trend and explores how such modules can best be employed. Register...
March 12, 2025
Join us for an engaging discussion with industry experts on the intersection of AI and optics. Moderated by Sean Buckley, editor-in-chief of Lightwave+BTR, this panel will explore...
April 12, 2023
Network operators continue their 5G coverage expansion – which means they also continue to roll out fiber to support such initiatives. The articles in this Lightwave On ...