BRAMPTON, Ontario—Nortel Networks Corp. plans to shed 3,000 jobs in addition to 1,000 cuts made since the beginning of the year.
The new job cuts will reduce Nortel’s staff strength to 44,000, less than half of its 95,000 at the beginning of 2001. Some analysts think the company may cut up to 10,000 more positions before it can be profitable.
The company, which reported a first-quarter loss of $841 million, in line with its estimates, said the company is adjusting to decline demand for telecom equipment by carriers. The company’s loss a year ago was $2.58 billion.
Its revenue fell 49 percent to $2.91 billion from $5.75 a year earlier.
