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Technology & Telecommunications

January 25, 1994|From Times Staff and Wire Reports

Nynex Corp. Posts Big Loss, Plans Jobs Cuts: The New York-based phone company said it lost $1.24 billion in the fourth quarter after taking a $1.6-billion charge for a restructuring of its phone operations that will result in the elimination of 16,800 jobs by the end of 1996. The job cut is smaller than was suggested by news accounts in December that, citing a company memo, said up to one-third of the 66,000 jobs in Nynex's local phone operations could be eliminated. Between 11,000 and 12,000 of the cuts will be in New York, with the rest in New England. Nynex's fourth-quarter loss amounted to $3 per share. A year ago, the company earned $324.2 million, or 79 cents per share.

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