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Lucent to cut more jobs following quarterly loss

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Murray Hill, N.J.--The bad news just keeps on coming for Lucent Technologies Inc. The struggling telecommunications giant on Tuesday posted a third-quarter loss of $1.89 billion and said it would cut its work force by another 15,000 to 20,000 jobs. Lucent said the quarterly loss of 55 cents a share compared with net income of $286 million, or 9 cents a share, a year earlier. The loss included a $684 million restructuring charge. Lucent also said the second phase of its restructuring plan would result in a charge of $7 billion to $9 billion in the fourth quarter related to job cuts and asset write-offs. In a related move, Lucent said it would transfer two if its U.S. plants to Celestica Inc., the Canadian contract electronics manufacturing group, as part of a $10 billion outsourcing deal. The five-year deal makes Celestica the primary manufacturer of Lucent's switching, access and wireless networking systems products. Lucent has cut more than 10,500 jobs since January.
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