Networking giant Nortel is slashing staff numbers to regain ground lost after it incurred second quarter losses of $19.2bn due to market slowdown.
On the back of the announcement, shares in the company plummeted by 16 per cent to $8.90.
Nortel said it would slash an extra 10,000 jobs, a grave announcement following the 20,000 pink slips it has already issued so far this year.
The company is also dropping its DSL equipment manufacturing business in response to a "significant reduction" in demand for communications.
The company reported operating losses of $1.5bn alongside charges against earnings of $12.3bn.
Chief executive John Roth said the "capital markets have significantly reduced the flow of funds to service providers".
But the cutbacks should bring savings of around $3.5bn a year, he added.
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