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| Corvis Revenue Drops Almost 90% by Jeremy at 7:35 am EDT, Apr 26, 2002 | |||
Fiber-optic maker Corvis Corp. announced yesterday that its revenue declined nearly 90 percent during its first quarter, as its financially distressed telecommunications customers stopped spending on equipment. CEO: "The near-term visibility remains difficult in our sector." Its Q3 customers were Broadwing, WilComm, and Telefonica. Broadwing and Williams are both investors in Corvis, and both are struggling. Williams filed for Chapter 11 bankruptcy protection on Monday. Earlier this week, Corvis renegotiated a deal with Qwest to purchase $12M in Corvis equipment in the next two years -- far less than the $150 million it originally planned to buy. Sounds like Corvis is on its way out, unless a bunch of wealthy buyers suddenly appear out of nowhere. | |||
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