Marconi to axe further 4,000 jobs

Marconi, whose shares fell 94% last year, said it may cut 4,000 more jobs at its phone-equipment business, after sales of network equipment fell in the third-quarter of 2001. Revenue from phone equipment in the three months ending 31 December, 2001 fell 37% to £706m, from £1.12bn a year earlier. The UK telecoms firm had an operating loss of £130m at its biggest unit. 'The outlook is still very difficult,'' said chief executive officer Michael Parton. 'I don't expect to see any improvement in the market as a whole in 2002 and 2003 is too far away at the moment to give any indication.' ...