Nortel sees Q1 loss per share 10-12 cents vs prior loss estimate 4 cents

TORONTO (AFX) - Nortel Networks Corp said it will post a 10-12 cents loss per share from operations in the first quarter, below the company's previous guidance of a loss per share of 4 cents.	    The company also said it expects first quarter revenue of 6.1-6.2 bln usd, below previous estimate of 6.3 bln usd.	    "Given the poor visibility into the duration and breadth of the economic downturn and its impact on the overall market growth in 2001" Nortel said it is unable to "provide meaningful guidance for the company's financial performance for the full year 2001." 	    Nortel will also cut a total of 15,000 jobs by the end of the second quarter as part of its effort to adhere to a cost reduction and business realignment initiative.	    Nortel president and chief executive officer John Roth said: "We continue to feel the impact of the economic downturn in the United States and are now seeing customers globally assess its effect on their businesses.	    "Reduced and/or deferred capital spending and increased pricing pressure are resulting in lower overall revenues, particularly in the United States." 

Related stock : (NIL)