Apr, 2002 : WorldCom to Lay Off 10% of Staff: Report

📅 April 3, 2002 - Global communications firm WorldCom (wcom.com) will lay off up to 10% of its staff by as early as today, according to a report published in The Wall Street Journal.

WorldCom, the second-largest long-distance phone company in the United States and a major Internet communications company, has struggled in recent months under the telecommunications downturn. The company provides a full range of products and services that range from long distance to Web hosting.
The Clinton, Miss.-based firm laid off thousands of employees in both Europe and North America in 2001, and has seen its share price tumble from a 52-week high of more than $21.00 to less than seven dollars in recent months.
WorldCom is also currently the subject of an investigation by the Securities and Exchange Commission, which is looking in to various aspects of the company's accounting practices.
Earlier today, the company was downgraded from Strong Buy to Market Perform by investment firm Lehman Brothers.

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