By Scott Moritz
Nortel (NT) plans a major restructuring and another round of job cuts as demand for tech gear plunges.
The Toronto networking equipment giant said Monday it would trim 1,300 jobs on top 1,200 cuts previously announced. Nortel had 32,550 employees at the end of 2007.
The company also said four top executives, including its head of sales and its chief technology officer, would leave at year-end.
The news comes as Nortel posted third quarter earnings that met lowered targets. The company warned, however, that 2008 sales would fall 4% — at the lower end of its previous guidance of 2% to 4%.
Like other tech shops that have lowered forecasts, including Qualcomm (QCOM), Cisco (CSCO), Microsoft (MSFT) and Intel (INTC), Nortel cited a sudden slowdown in orders that started in September and has shown no signs of letting up. Corporate spending cuts, tight-fisted phone companies and a weaker consumer demand have sent the tech sector into a [...]
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