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Lucent to cut another 7,000 jobs
Drastic measures as Q3 sales plummet
Nick Farrell,
vnunet.com 24 Jul 2002Lucent Technologies has said that it will axe a further 7,000 jobs after announcing a loss for its third quarter.
The networking giant now employs 53,000 staff, 70,000 less than at its peak. A spokesman said that the layoffs, which will save the company £447m a year, will be completed by the end of 2002.
Lucent's third-quarter losses widened to £5bn, compared with £1.2bn for the same period last year. Sales plummeted by 50 per cent to £1.88bn, from £3.76bn.
The firm's revenues have dwindled in the past year as phone companies cut spending on expensive telecoms networking kit.
Chief executive Patricia Russo said in a statement: "The market continues to be very challenging. Capital spending constraints have intensified and remained in place much longer than anyone would have predicted."
See also:
Workforce will drop below 50,000 say reports
12 Apr 2002Staff gone, family silver sold, but things are looking up
23 Jan 2002Patricia Russo returns to take over the reins
08 Jan 2002Customers could be affected, according to Meta Group
04 Jan 2002R E A D E R C O M M E N T S
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