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Nortel Projects More Cuts

In light of continuing spending cuts by telecom carriers, Nortel Networks Corp. last week lowered its revenue projections for its third quarter, ending Sept. 30, and said it expects to lay off another 7,000 workers before year's end, on top of the 3,500 job cuts announced in May. Nortel had said its third-quarter revenue would be flat compared with second-quarter revenue of $2.8 billion, but president and CEO Frank Dunn now says he expects a 10% decline.

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