Lucent reports $3.25 B loss; will cut 20,000 more jobs
Lucent Technologies Inc. reported a third-quarter net loss of $3.25 billion, or 95 cents a share, including discontinued operations, compared with a net loss of $301 million or 9 cents a share a year ago.
The company says it has reduced its workforce by 19,000 jobs since January and plans another 15,000 to 20,000 job cuts in the second phase of its restructuring plans.
Revenue fell 21 percent, from $7.41 billion a year ago to $5.82 billion and pro forma earnings per share fell 58 cents, the company says. Losses from continuing operations, excluding discontinued operations, which included $684 million in restructuring and one-time charges, goodwill and other intangibles, was $1.89 billion, or 55 cents a share, compared with $286 million, or 9 cents a share a year ago.
Lucent says it plans to reduce annual operating expenses by another $2 billion, improve working capital performance by another $1 billion, take a $7 billion to $9 billion charge in fourth quarter from the layoffs, and return to profitability and positive cash flow in 2002.