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Lucent posts loss and plans 7,000 more layoffs

Lucent Technologies posted its ninth consecutive quarterly loss yesterday and said it would lay off another 7,000 people in an...

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Lucent Technologies posted its ninth consecutive quarterly loss yesterday and said it would lay off another 7,000 people in an increased effort to curtail costs.

The telecommunications equipment maker reported a net loss of $7.91bn (£5bn) for its third financial quarter of 2002, ended 30 June, compared with a $3.24bn net loss in the same period last year.

Revenue for the quarter plunged 50% to $2.95bn from $5.89bn last year.

Lucent, which began a restructuring programme in January 2001 and employed 53,000 people as of 30 June, said it would eliminate another 7,000 jobs because of "continuing market declines".

The company said it is preparing "further actions" so it can reach breakeven on revenue below $3.5bn.

Lucent did not provide guidance for its fourth quarter because of "ongoing market uncertainty" but said it planned to be profitable by the close of its 2003 financial year, which begins in October.

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