Genuity has wider fourth quarter loss

WOBURN, Mass. –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. 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.