AT&T racks up more quarterly losses

NEWS AT&T has taken more hefty restructuring charges as it posted grim results for the last quarter of 2001. The company's loss was actually down on the same period last year, at $1.4bn compared to $1.6bn, but revenues decreased 9.5 per cent on Q4 2000. The outlook is for continued revenue weakness this year due to competition in the long-distance market and the generally sluggish economy. The quarterly losses take into account charges made because of lay-offs. The company has already lost 10,000 staff during the current downturn. The charges - as with many other companies in the sector - also reflect the writing down of the value of assets.