Maybe 30% layoff is coming??
Reuters
Nortel Warns Costs Too High, Cuts to Come
Tuesday July 27, 9:05 am ET
OTTAWA (Reuters) - Nortel Networks Corp. (Toronto:NT.TO - News), North America's largest supplier of telecoms gear, said on Tuesday that operating costs are too high and that it will announce cost cutting in mid-August.
Nortel, poring over its books as it readies to restate faulty results stretching from 2003 to 2001, said it has not reached its target of operating costs below 40 percent of its overall revenue, and gross margins in the mid 40 percent range.
Reuters
Nortel Warns Costs Too High, Cuts to Come
Tuesday July 27, 9:05 am ET
OTTAWA (Reuters) - Nortel Networks Corp. (Toronto:NT.TO - News), North America's largest supplier of telecoms gear, said on Tuesday that operating costs are too high and that it will announce cost cutting in mid-August.
Nortel, poring over its books as it readies to restate faulty results stretching from 2003 to 2001, said it has not reached its target of operating costs below 40 percent of its overall revenue, and gross margins in the mid 40 percent range.
