UK telecommunications carrier, Colt Telecom is to cut 500 jobs and reduce capital expenditure and warned that growth would be slow in the first quarter. Shares in the company fell 18% yesterday after the announcement.
The company’s full year figures showed a 41% increase in sales and three-fold jump in earnings (EBITDA) to $24.6 million, but it remains cautious about the short term outlook due to the continued weakness in the wholesale bandwidth market.
22-Feb-2002
