Record $50.6 billion loss reported by tech giant

Friday, July 27, 2001 | 11:08 a.m.

SAN JOSE, Calif. -- Optical networking equipment maker JDS Uniphase will eliminate 7,000 additional jobs and close some operations after losing $7.9 billion in its fiscal fourth quarter and $50.6 billion for the year -- believed to be the largest annual loss ever.

The company, like other high-tech firms that focus on networking and related components, has been hit hard as the aggressive rollout of network infrastructure slowed down amid the economic downturn.

A total of 9,000 jobs had already been cut as of June 30. Another 7,000 reductions will take place in the first quarter. When complete, the company will have shed 55 percent of its work force since February.

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