Reported by Star-Bulletin staff & wire
Wednesday, March 28, 2001
Nortel to ax another 5,000 and miss profit forecasts
NEW YORK >> Nortel Networks won't meet sharply reduced profit forecasts the maker of optical and wireless network equipment set last month, and plans to eliminate 5,000 more jobs on top of the 10,000 cut since the start of 2001. The warning yesterday by the Canadian firm, a bellwether for the technology industry, echoed increasingly dire projections coming from Cisco Systems.
In other news . . .
SAN JOSE, Calif. >> Palm Inc.'s third-quarter results beat Wall Street expectations, but the leading handheld computer maker said slowing sales forced it to reduce fourth-quarter projections and cut about 250 jobs.PHILADELPHIA >> Investors greeted Agere Systems Inc.'s long-awaited initial public offering warily today, pushing shares of the Lucent Technologies Inc. spinoff up just 2 cents. Agere sold 600 million shares late yesterday at $6 a share.