More cuts at U.K.'s Marconi

Published on .

London--British telecommunications hardware manufacturer Marconi Corp. plc, hit with the same spending slowdowns plaguing such North American competitors as Lucent Technologies Inc. and Nortel Networks Corp., said Thursday it would cut an additional 4,000 jobs, following 4,000 layoffs in April. It said fiscal-year sales are expected to be down by 15%, and profits will sink 50%, as corporate buyers delay purchases of network switches and other Internet devices amid a global economic slowdown.
Most Popular
In this article: