LayoffBlog.com

April 29, 2009

Level 3 Sales Fall Short; Company Plans 150 Job Cuts

Level 3 Communications Inc., the money-losing U.S. phone operator, posted first-quarter sales that missed analysts’ estimates and said it plans to cut 150 jobs this quarter, sending the stock down 14 percent.

The recession is forcing customers to disconnect lines, and “revenue pressure” will continue this quarter, Chief Financial Officer Sunit Patel said in a statement. The company, which cut more than 1,400 jobs last year, swung back to a loss after reporting its first profit since 2003 in the previous quarter.

Source: Bloomberg

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: