BellSouth Again Cuts Profit Forecast
BellSouth Corp. cut its 2002 profit forecast for the second time in as many months, in part because of slowing wireless sales.
BellSouth, the biggest local telephone company in nine southeastern U.S. states, said it expects profit, excluding some costs, of $2.06 to $2.13 a share, down from the $2.13 to $2.20 estimated July 22. Before then, it expected to earn as much as $2.43.
The Atlanta-based company blamed the reduction on slowing revenue and recently announced job cuts at Cingular Wireless, the nation’s second-biggest mobile-phone operator, of which the company is part owner.
BellSouth shares fell 19 cents to $24.25 on the NYSE, before the news was announced.
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