NorthPoint Cuts Profit Forecast

High-speed Internet access provider NorthPoint Communications Group Inc. cut its third-quarter results because of some customers’ financial weakness. After posting its third-quarter results, NorthPoint said it learned that “some of its privately held consumer-focused network-service provider customers did not have sufficient long-term financial resources to assure the company that they would be able to make timely payments” for services. As a result, NorthPoint cut its third-quarter revenue to $24 million from the $30 million it reported Oct. 26. Shares of NorthPoint fell 72 cents, or 17%, to close at $3.41. The stock has lost about 86% this year amid weakness through the Internet and technology sector. NorthPoint is not the only Internet access provider to lower its third-quarter results because of customers’ financial problems. Covad Communications Group Inc. cut its third-quarter results last week, saying it had 14 delinquent Internet service provider customers--five more than it expected.