TORONTO-Nortel Networks Ltd. shares dropped on the news that the company plans to cut 7,000 jobs and it expects third-quarter earnings to fall by up to 10 percent, attributing the forecast to declining spending by mobile operators.
“When ultimately completed,” said the company, “the company expects a workforce of approximately 35,000.” The company had about 100,000 workers two years ago.
The company said it witnessed a 40-percent drop in business this year as its second-quarter earnings of $2.77 billion are a far cry from $4.61 billion a year ago.
