Lucent to Cut More Jobs after Ninth Consecutive Loss

July 22, 2002 by Jeff Shepard

Lucent Technologies Inc. (Murray Hill, NJ) posted its ninth consecutive quarterly net loss and announced that it would have to cut additional jobs because the telecom spending slowdown has not relented. Lucent, which began a massive restructuring in January 2001, posted a third-quarter net loss of $7.91 billion, or $2.31 a diluted share, compared with a net loss of $3.24 billion, or $0.95 a diluted share, in the year-ago quarter.

Lucent reported that it would cut another 7,000 jobs as well as eliminate an additional 1,000 jobs through attrition, outsourcing and sales of businesses to reduce its work force by 15 percent by the end of the year. It employed 53,000 at the end of June.