Feeds

Lucent slashes 7,000 jobs

Posts $7.9bn Q3 loss

  • alert
  • submit to reddit

Top three mobile application threats

Lucent Technologies - the telecoms equipment outfit - is to axe 7,000 jobs in the face of a continued slump in the telecoms market.

All those hit by the job losses can expect to be left out in the cold by the end of the year.

The job cuts - designed to save the company $700m a year - will reduce the company's headcount from 53,000 to 46,000.

Last year the company employed 106,000.

News of the job losses came as Lucent reported that revenue for the third quarter of 2002 had halved to $2.95bn, compared with $5.89bn in the same quarter last year.

The company also reported a $7.91bn loss for the quarter, compared to a loss of $3.24bn in the same quarter a year ago.

The company blamed this latest round of poor figures on the prolonged downturn in the telecoms industry.

Said Lucent chief exec, Patricia Russo: "The market continues to be very challenging. Capital spending constraints have intensified and remained in place much longer than anyone would have predicted." ®

3 Big data security analytics techniques

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.