Alcatel-Lucent Posts Loss, Cuts 4K Jobs

[Omaha Steve]

Source: AP

PARIS (AP) — Telecommunications equipment maker Alcatel-Lucent said Wednesday it is slashing another 4,000 jobs to cut costs after reporting a loss of about $373 million for the third quarter.

CEO Patricia Russo, under pressure to produce better returns, called the latest results unsatisfactory.She said the French-American manufacturer's chief financial officer will soon step down.

The job cuts are in addition to the 12,500 announced in February and will help save an additional 400 million euros ($578 million) by 2009, the company said.

Together, the cuts amount to 20 percent of the 82,500 work force employed by Alcatel and Lucent when they combined. The company has shed 5,000 workers this year.



Read more: http://money.excite.com/jsp/nw/nwdt_rt_top.jsp?news_id=ap-d8sk6aro0&

[OhioChick]

1. Wonder Where These Jobs Will Go To? n/t

[Haole Girl]

2. Ericsson and Nokia are also downgrading their earning forecasts?

This doesn't sound good. :-(