We calculate the optical properties of carbon nanotubes in an external static electric field directed along the tube axis. We predict strong Franz-Keldysh oscillations in the first and second band-toband absorption peaks, quadratic Stark effect of the first two excitons, and the field dependence of the bound exciton ionization rate for a wide range of tube chiralities. We find that the phonon assisted mechanism dominates the dissociation rate in electro-optical devices due to the hot optical phonons. We predict a quadratic dependence of the Sommerfeld factor on the electric field and its increase up to 2000% at the critical field of the full exciton dissociation.Semiconducting carbon nanotubes are direct bandgap materials which have attracted much attention recently for nanophotonic applications [1]. Almost fifty years ago Franz and Keldysh predicted that a static electric field would modify the linear optical properties of the 3D semiconductors near their absorption edge [2, 3]. They showed that the absorption coefficient decays exponentially for photons below the bandgap and shows oscillations for energies above the bandgap.The interest in electroabsorption was revived about three decades latter after discovery of the Quantum-Confined Stark Effect in 2D quantum well structures [4,5]. Large Stark shifts were observed in fields directed perpendicular to the 2D planes. In 1D carbon nanotubes, excitons were predicted to have large binding energies [6] and to dominate the absorption spectra [7,8], a fact which was verified experimentally by two-photon spectroscopy [9,10] and from the observation of the phonon sidebands in photoconductivity spectra [11]. The exciton binding energies in carbon nanotubes have interesting scaling properties [8] and they can be as small as those in 2D structures and as large as 30% of their bandgap depending on both the nanotube structure and the environment.It has been long recognized that excitonic effects enhance significantly the electroabsorption sig-