Nortel adds to high-tech gloom with 10,000 job losses

NEWS The job losses are worse than the company had previously stated - it had hoped to keep them down to 6,000. The company also slashed its estimates for first quarter revenues by $2bn, down to $6.3 billion, representing growth in turnover of 15 per cent and in profits of 10 per cent. The company blamed the slowing US market and longer-than-expected delays in spending by US customers. John Roth, CEO of Nortel, said: "We now expect the US market slowdown to continue well into the fourth quarter of 2001. We now expect a slower overall market growth of 10 per cent in 2001."