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Level 3 job cull sees 1,400 out the door
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ISP Level 3 will axe nearly a quarter of its staff and revise its revenue forecasts downward, due to the slowing economy.
Level 3 said around 820 jobs will be cut at its US offices, 550 from its European operations and 30 from Asia as part of measures aimed to cut $2.3bn in costs up to 2003.
The Colorado-based firm expects revenue of $1.5bn compared with its previous projections of $1.6bn to $1.7bn and said it will focus on selling to established companies rather than newer ones like dot-coms, as many are unable to pay their bills.
Level 3 is working on a $10bn fibre-optic network connecting cities across the United States with cities in Europe and Asia.
The news follows rumours last week that the ISP was set to close its European operations altogether.
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