Cable & Wireless freezes pay

Cable & Wireless, which owns a large network for Internet service providers, has imposed a pay freeze for employees after it said last month revenue growth will be less than expected this year.

The company surprised investors last month when it said prices for services dropped in the United States and Japan and it would cut 4,000 jobs. It said full-year revenue in its biggest division, Cable & Wireless Global, will rise only 12 percent from a year ago. Analysts expected a 20 percent gain in full-year revenue.

The story "Cable & Wireless freezes pay" published April 20, 2001 at 10:40 AM is no longer available on CNET News.

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