The telecommunications giant is about to prove it again, announcing it抯 cutting another 3,000 jobs. The bottom line for the decision is its bottom line: the Brampton-based company posted a first quarter loss of $841 million U.S.
The job shedding come despite the fact Nortel had announced earlier this year it had finished paring positions. The former stock market darling is bleeding money, as demand for its products sag, and former customers don抰 return. That left the giant little choice but to make the latest round of cuts ?something that抯 becoming all too common for those who work there. There抯 no immediate word on where many of the jobs are located, or how soon the cuts will take effect.
Nortel has eliminated an astounding 50,000 positions in just over two years. Loss is something the company knows all too well: it dropped $27.3 billion U.S. in 2001, one of the worst corporate performances in history.
April 18, 2002
The job shedding come despite the fact Nortel had announced earlier this year it had finished paring positions. The former stock market darling is bleeding money, as demand for its products sag, and former customers don抰 return. That left the giant little choice but to make the latest round of cuts ?something that抯 becoming all too common for those who work there. There抯 no immediate word on where many of the jobs are located, or how soon the cuts will take effect.
Nortel has eliminated an astounding 50,000 positions in just over two years. Loss is something the company knows all too well: it dropped $27.3 billion U.S. in 2001, one of the worst corporate performances in history.
April 18, 2002