Dark fiber, fiber-optic cable not being used, is one result of the wildly optimistic forecasts of Internet usage in the 1990s. Only about 3% of fiber-optic cable laid currently is being used, which may be problematic for startups in the future.
WorldCom yesterday said it overstated profits by more than $3.8 billion over the past five quarters. The company says it plans to restate earnings for the period and that it would cut 17,000 jobs. A bankruptcy filing would be among the largest in U.S. corporate history, reports say.
Richard Notebaert yesterday told analysts that the company would not face greater financial troubles this year. Separately, Novo Networks has filed a lawsuit alleging Qwest forced Novo to buy $15 million of fiber-optic capacity on Qwest's network in exchange for millions of dollars of business from Qwest.