Shares of Bermuda-based communications network builder Global Crossing Ltd.

jumped by 17 percent at one point yesterday after the company posted strong fourth-quarter results.

But shares of Global Crossing, which is building a high-speed fibre-optic communications network that will serve 27 countries and more than 200 major cities, slipped back down to $18.90, up 4.7 percent by the close of trade on the New York Stock Exchange.

The company also reaffirmed its cash flow and revenue growth forecasts, sending the shares to a day high of $21.16 on the New York Stock Exchange.

They have fallen by nearly 70 percent or $42.91 from their 52-week high of $61.81.

Traders said investors were relieved that Global Crossing reiterated its growth outlook for the rest of the year, since several telecommunications companies, such as AT&T Corp. and WorldCom Inc., had slashed forecasts for 2001.

Global Crossing is not making profit yet, as it is still racing to be the first to build a worldwide network. In the fourth quarter of 2000 it posted nearly double the loss of a year earlier due to the high cost of building its undersea and land-based communications networks.

Upbeat forecast boosts Global Crossing shares Loss widened to $454 million, or 58 cents per share, compared with a loss of $240.6 million, or 34 cents per share, a year ago.

Excluding items, the company lost 70 cents per share but Wall Street analysts expected the firm to post a loss of 89 cents a share.

The company yesterday said it could generate 2001 cash revenues between $7.1 billion and $7.3 billion.

It expects 2001 adjusted cash flow to be between $2.0 billion and $2.1 billion, up between 37 percent and 43 percent.

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