Woburn – Genuity Inc., a network services provider that sells high-speed Internet access, reported a $3 billion fourth-quarter loss and said first-quarter revenue is expected to fall, Bloomberg News reported.
Genuity’s loss was $284.1 million, or 29 cents excluding certain expenses, in the fourth quarter of 2000. The loss last quarter includes $2.7 billion in costs to mark down the value of assets, close facilities, end contracts and cut jobs. Fourth- quarter sales rose 1 percent to $316 million. Woburn, Massachusetts-based Genuity and other phone and data-service providers are lowering expenses to cope with slack demand as companies pare spending on telecommunications services.
Genuity, whose largest customers include Verizon Communications Inc. and AOL Time Warner Inc., eliminated 990 jobs in November, or 22 percent of its workforce.The company expects first-quarter sales of $280 million to $290 million, or below last quarter, because it’s exiting most of its wholesale dial-access business. Genuity said it would continue to provide the service to Verizon and AOL Time Warner.
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