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Next Level To Cut 120 Jobs, Says Revenues to Miss Goals

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.

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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.