Feeds

Lucent slashes 7,000 jobs

Posts $7.9bn Q3 loss

  • alert
  • submit to reddit

SANS - Survey on application security programs

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." ®

Combat fraud and increase customer satisfaction

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
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
Intel sees 'signs of improvement in the PC business' but earnings remain 'Meh...'
Prospects for the future, however, please Wall Street money men
What's a right pain in the ASCII for IBM? Its own leech-like hardware biz
Keep your eyes on our cloud while we remove this pesky thing, say execs
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the 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.