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Current Topic: Telecom Industry

Corvis's Loss Widens As Sales Plummet
Topic: Telecom Industry 7:20 am EST, Oct 27, 2002

Corvis said quarterly sales declined 94 percent, to a meager $1.4 million, as the fiber-optics maker promised to cut expenses and wait out the telecommunications slump.

"The market remains challenging and in many areas continues to get worse," David R. Huber, Corvis's chairman and chief executive.

Ouch. They would be better off selling books. Or burgers. Or beer. (Anything!)

Corvis's Loss Widens As Sales Plummet

Lucent to Cut 10,000 Jobs as Its Losses Keep Mounting
Topic: Telecom Industry 9:53 am EDT, Oct 12, 2002

Lucent announced plans to cut an additional 10,000 jobs and forecast a larger-than-expected quarterly loss, signaling that its problems are far from over.

Down to 35,000 employees, from 123,000 two years ago. Taking a $4B charge. Nine consecutive quarterly losses. Stock down 90% on the year. $8.2B in outstanding debt.

Serious doubts remain about Lucent's goal of attaining profitability and remaining relatively intact.

Jeff Kagan: "Lucent is already a memory as the company is a shadow of its former self, and it may not be quite done shrinking yet."

Lucent to Cut 10,000 Jobs as Its Losses Keep Mounting

SBC to Cut 11,000 More Jobs (and Whine About It)
Topic: Telecom Industry 9:05 pm EDT, Sep 26, 2002

SBC announced it will cut its workforce and reduce CAPEX in response to a continued weak economy and outmoded regulation that could threaten the future viability of its telecommunications networks in many of its states.

CEO: "These actions ... should be of concern to every consumer ... Wholesale prices are below cost. SBC has lost 3 million retail access lines year-to-date."

The company continues to reduce its investment in its network.

SBC goes political, but mainly just comes off as weak and whiny. Apparently they sense an election-time opportunity and are trying to spark some regulatory activity.

Or maybe they're just trying to drag along some competitors on the fast track to the bottom.

SBC to Cut 11,000 More Jobs (and Whine About It)

Nortel Lowers Revenue Expectations
Topic: Telecom Industry 8:44 am EDT, Sep 26, 2002

Nortel lowered its expectations for Q3 revenue, citing further deterioration in spending by service providers in the US and for wireless networks in Asia. Q3 revenues will be 15% below Q2 revenues.

Nortel Lowers Revenue Expectations

AT&T May Buy Out Its Latin Unit
Topic: Telecom Industry 7:08 am EDT, Sep 24, 2002

AT&T is considering absorbing its two-year-old Latin American subsidiary and retiring the unit's publicly traded shares.

If the company proceeds with the proposal, it would be yet another case of a North American company's having stumbled with its investments in the Latin American telecommunications industry.

AT&T Latin America had hoped to benefit from telecommunications deregulation in the region. Those hopes died fast.

... AT&T Latin America is still losing money; ... the operation's big problem is its huge debt load; ...

Two options: 1) cut it loose, and let it die; 2) buy it back in a fire sale, and suck it up.

Choose your poison; either way, another one bites the dust.

AT&T May Buy Out Its Latin Unit

Qwest Restates $950 Million in Revenue
Topic: Telecom Industry 3:47 pm EDT, Sep 23, 2002

With government hearings looming this week, Qwest Communications is restating nearly $1 billion in revenue from swaps of capacity on its network. It may have to adjust another $531 million in revenue from cash sales of optical capacity assets to third parties.

Two Qwest executives are scheduled to testify about the capacity swaps Tuesday before the House Energy and Commerce Committee. Former chief executive officer Joe Nacchio is expected to testify in October.

Qwest Restates $950 Million in Revenue

Lucent warns on fourth quarter, cites lower sales
Topic: Telecom Industry 10:53 pm EDT, Sep 16, 2002

The company said it expects an operating loss per share of 45 cents, sharply lower than the 16-cents-a-share loss forecast by analysts, according to earnings tracker First Call. The troubled telecommunications equipment maker also said it sees 20-to-25 percent lower revenue in the fourth quarter from the $2.95 billion it recorded in the third quarter.

Lucent warns on fourth quarter, cites lower sales

Report: KKR in Talks to Buy BCE Unit
Topic: Telecom Industry 5:52 am EDT, Sep 10, 2002

Investment firm Kohlberg Kravis Roberts & Co. is in exclusive talks to buy BCE Inc.'s telephone-directories business in a deal that could be worth $1.92 billion.

BCE said in July that it was considering the sale of its directories business or the sale of rights to future revenue from the operations.

Report: KKR in Talks to Buy BCE Unit

Qwest Ratings Cut by Moody's Despite New Bank Loan
Topic: Telecom Industry 5:03 pm EDT, Sep  5, 2002

Moody's cut Qwest's debt ratings, because bondholders now rank behind banks in case Qwest fails to generate enough cash to pay its debts.

The downgrade came one day after Qwest said it amended a $3.39 billion credit line, a move that analysts said eliminates concerns Qwest might seek bankruptcy this year.

Qwest "may still face difficulty generating sufficient cash flow" to service the entities' debt maturing in 2004 and beyond, even with proceeds from the QwestDex sale. A successful sale would allow Qwest to cover its maturing debt through 2003 and possibly 2004.

Qwest Ratings Cut by Moody's Despite New Bank Loan

Peering, Transit, and IXs: Economics and Policy | COOK Report
Topic: Telecom Industry 10:40 pm EDT, Sep  3, 2002

This issue of the COOK Report explores peering, transit and exchanges for the first time since about 1999. While a lot has changed, a lot remains the same.

Estimates of the capacity utilization of the Tier 1 backbones show them to be lightly utilized ... Over the past five weeks we have had conversations ... [which] suggest that the [Tier 1] oligopoly is engaging in behavior that could blow up in a manner similar to the capacity swaps that blew up earlier this year.

ISPs are beginning to use tools to do load balancing of their upstream connections in real time.

The Tier Ones, by peering in their tight oligopoly, may have rendered themselves irrelevant.

Andrew Odlyzko: "I find the prospects of smaller networks being able to bypass the Tier Ones fascinating. The development of tools [that do this] is also very interesting."

Peering, Transit, and IXs: Economics and Policy | COOK Report

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