Next Level Communications
said it would report lower-than-expected fourth quarter revenues, and the business telecom service provider also announced plans to slash one-third of its current workforce.
The company now expects fourth quarter revenue of $12.4 million, down almost 50% from the $22 million to $24 million forecast in October, due primarily to decreased spending by its customers.
In an attempt to lower expenses, the company also plans to cut 120 jobs.
Shares of Next Level closed at $2.98 Friday on the Nasdaq before the announcement.