Nortel swings the jobs axe again

4,000 staff shown the door...

Ailing telco equipment maker Nortel is to cut 4,000 more jobs as it struggles to return to profitability. In its latest quarterly results, the telco giant saw revenues cut in half from the previous year, and a whopping loss of $463m. It said it would continue to reduce expenses but was already seeing significant improvements in its cost-base. It now envisages a workforce of 44,000 after it has finished making the latest round of cuts. Previously it had said the workforce would have to be reduced to 48,000. Frank Dunn, president and CEO of Nortel, said the outlook for the coming year is still unpredictable as customers continue to tighten their belts and limit spending.