Index: /trunk/src/VBox/Devices/Network/DevE1000.cpp
===================================================================
--- /trunk/src/VBox/Devices/Network/DevE1000.cpp	(revision 49843)
+++ /trunk/src/VBox/Devices/Network/DevE1000.cpp	(revision 49844)
@@ -2545,5 +2545,4 @@
     E1kLog(("%s Link is down\n", pThis->szPrf));
     STATUS &= ~STATUS_LU;
-    Phy::setLinkStatus(&pThis->phy, false);
     e1kRaiseInterrupt(pThis, VERR_SEM_BUSY, ICR_LSC);
     if (pThis->pDrvR3)
@@ -6490,4 +6489,7 @@
         case PDMNETWORKLINKSTATE_DOWN:
             pThis->fCableConnected = false;
+            /* Always set the phy link state to down, regardless of the STATUS_LU bit.
+             * We might have to set the link state before the driver initializes us. */
+            Phy::setLinkStatus(&pThis->phy, false);
             /* If link was up, bring it down. */
             if (STATUS & STATUS_LU)