Level 3 to cut 1,400 workers, revises financial outlook

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Broomfield, Colo.--Level 3 Communications Inc. said it will cut about 1,400 employees, or 24% of its work force, and target larger, more established companies instead of aiming its broadband services at start-ups. The fiber-optic telecommunications company also revised its financial projections for 2001 and 2002 to account for expense cuts and slowing revenue in the face of falling demand for Internet services. Analysts are expecting Level 3 to post a second-quarter loss of $1.83 a share. Level 3 reported an operating loss, excluding special items, of 79 cents a share, on revenue of $234 million, in last year's second quarter. Level 3 said the job cuts would mainly come from its communications business.
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