Our new outlook is based on recent customer feedback, which indicates that a meaningful recovery of spending by our telecommunications customers will occur much more slowly than we had previously anticipated,

You need to know about customer feedback that says things should be better.

The evidence of recent violence ... indicates that the cycle of violence has not yet been broken.

Recognizing the many uncertainties about the broader economy, we are carefully walking the line between realism and optimism, ... Although it appears that our revenue stream will improve as the year plays out, the pace and timing of recovery is uncertain.

The recovery in the global financial backdrop is a key part of the outlook for tightening,

His prognosis for any kind of meaningful recovery is absolutely nil.