April 20, 2001 10:40 AM PDT
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.
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