Telecom industry is in a downturn, but only from the perspective of profits, for revenues in 2003 surpassed a trillion dollars according to Probe Research, a Cedar Knolls, NJ-based research group. Total worldwide telecom services revenues exceeded $1.1 trillion in 2003, and are expected to reach $1.2 trillion in 2004.

bq. “Sagging economies, high competition and lackluster spending have all had a negative impact on local and domestic long distance service,” says Frank Barbetta, Probe Group Research Director and continues. “Operators are still burdened with overcapacity and falling prices in both the wholesale and retail markets.” Despite this difficult environment, there is growth is some areas. “Internet-related services and wireless operations both remain healthy areas for operators,”

Well I hope they are more accurate with these numbers than they were with their press released which was released on March 15, 2004, but was dated February 15, 2004.