ADC Telecommunications cuts 2,500 more jobs, lowers forecast

Published on .

Minneapolis--ADC Telecommunications Inc., which makes phone equipment, said Wednesday that it will cut another 2,500 jobs and that third-quarter revenue will fall short of projections as large phone companies continue to pare spending. ADC, headed by former AT&T Corp. executive Richard Roscitt, said the job cuts are in addition to the 7,000 jobs the company already slashed. The company also said it expects a third-quarter loss of about 5 cents a share, excluding certain items. Sales will fall short of its previous forecast of $600 million to $650 million. ADC and other phone equipment manufacturers, such as Nortel Networks Inc and Tellabs Inc., have been hard hit by the cuts in capital spending from large phone companies, including Sprint Corp., Qwest Communications International Inc and Verizon Communications. In early morning trading, shares of ADC were down 20 cents to $4.90.
Most Popular
In this article: