, a telecom equipment manufacturer, said it will cut 3,000 to 4,000 jobs and is expected to report a pro forma loss for the second quarter.
In the past several months, the company had already laid off staff as it tried to keep its business healthy in the face of an economic slowdown.
noted that ADC was preparing to slash more jobs.
This morning, the company said second-quarter sales should come in around $650 million to $700 million for the quarter. It now expects a pro forma loss of 10 cents to 15 cents a share, compared with year-ago earnings of 10 cents a share. The current consensus estimate among 20 brokers polled by
Thomson Financial/First Call
before this announcement was for the company to make 9 cents a share.
ADC this morning blamed the downturn in capital spending for its problems. In preopen trading, the stock was down 94 cents to $9.63, a 9% loss compared to yesterday's closing price.