Lucent Trims 6,000 More Jobs; Losses, Sales Drop
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MURRAY HILL, NEW JERSEY, Apr 22, 2002 (Newsbytes via COMTEX) -- Lucent Technologies [NYSE:LU] today said it will cut another 6,000 jobs, as the telecom equipment maker reported declines in sales and losses during its fiscal second quarter.
Lucent's workforce, slashed to 56,000 by the end of March, will be reduced to about 50,000 by Sept. 30, the company said in a news release. Total employment of the Murray Hill, N.J.-based company was 123,000 in January 2001.
Chief executive officer Patricia Russo said "continuing market uncertainty" forced the company to revise its breakeven point to $4 billion from $4.25 billion but she did not say whether more job cuts will be made. There could be an additional restructuring charge, she said.
Revenue in the quarter was $3.52 billion, down from $5.91 billion in the year-ago quarter and up slightly from the previous quarter's $3.47 billion. Losses were $495 million, or 16 cents per share, compared with a loss of $3.7 billion, or $1.09 per share, in the fiscal second quarter of 2001, the company reported.
The company on March 12 lowered its anticipated revenue growth to "modest-to-10 percent" during the second fiscal quarter, down from the 10 percent to 15 percent growth projected on Jan. 22.
Today Lucent reiterated its projection that it would return to profitability in fiscal 2003, but did not issue guidance for the fiscal third quarter. |
