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Covad Cuts Jobs

November 28, 2000|Associated Press

Covad Communications, a provider of high-speed Internet access, said it will cut about 400 jobs, or 13% of its work force. The announcement comes a month after the Santa Clara company reported a wider-than-expected third-quarter loss of $189.9 million. Robert Knowling Jr. resigned as chief executive after the disappointing results caused its stock to plummet. The job reductions and other operational cost-cutting measures are expected to result in cost savings of 20% to 30% for fiscal 2001, the company said. Covad stock fell 16 cents to $2.72 on Nasdaq. It's down 93% this year.

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