BellSouth Cuts Outlook for 2002 Earnings

BellSouth Corp., the No. 3 U.S. local telephone company, cut forecasts for its 2002 earnings, revenue and capital spending, citing weak demand, a delayed entry into the long-distance market and the sagging economies in Argentina and Venezuela.

BellSouth said it expected earnings per share to rise 3% to 5%, while revenue, including from that of its wireless joint venture, was expected to increase 2% to 4%.

Shares of Atlanta-based BellSouth sank $2.50 to close at $37.95 on the New York Stock Exchange.