Technology

Nortel to Detail Layoffs Next Week

9/22/2004 8:50 AM Eastern

Nortel Networks Corp. announced Aug. 19 that it would eliminate 3,500 jobs. Next week, it will outline where the cuts are coming from, Reuters reported Wednesday.

The struggling telecommunications-equipment supplier has cut more than 60,000 jobs, or almost two-thirds of its work force, over the past three years, according to Reuters.

The move is expected to help reduce annual expenses by $450 million-$500 million.

The company said last Thursday that it expects third-quarter sales to fall behind those of the previous quarter, reversing an upbeat forecast made in August.

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