Troubled telco WorldCom has revealed an extra $3.3bn in improperly reported earnings following a further review of its accounts for 1999 and 2000.
The new findings mean that more than $7bn has been misreported. The company will now restate its finances for 2000, the period when the additional hole is said to have appeared.
WorldCom has admitted that the continuing investigations may uncover further discrepancies, and has warned investors that other inaccuracies may be announced.
Back in June, the company reported $3.85bn of improperly reported earnings and shed 17,000 employees and its chief financial officer, Scott Sullivan.
The full scale of the financial misreporting will not be known until external auditor KPMG is able to complete its investigations of reports for 2000, 2001 and 2002.
WorldCom said that it may also write off a massive $50.6bn of tangible assets. But until the company's audit of previously reported asset values is complete, it cannot determine the amount set for the write-off.
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