Lucent to Lay Off 7,000
Move comes after company reported on Tuesday a quarterly net loss of $7.91 billion.Lucent Technologies Inc. is planning to cut an additional 7,000 employees by the end of the year after reporting on Tuesday a quarterly net loss of $7.91 billion. The third fiscal quarter net loss is more than double that of a year earlier when the Murray Hill, N.J., networking company reported a net loss of $3.24 billion. Revenues for the quarter, ended June 30, also fell by half. They were $2.95 billion compared with $5.89 billion in the same period a year ago.
Most of the 7,000 cuts will be completed by Dec. 31, the company said. Lucent had 53,000 employees at the end of the quarter. The company took a charge of $808 million in the third fiscal quarter for the restructuring of the business.