Lucent has fourth-quarter loss of $8.8 billion following job cuts

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Murray Hill, N.J.--The financial problems just keep coming for Lucent Technologies Inc. The No. 1 U.S. maker of telephone equipment on Tuesday reported a fourth-quarter loss of $8.8 billion, its biggest ever, on costs stemming from cutting jobs and product lines. Sales in the three months ended Sept. 30 fell 28% to $5.2 billion, from $7.2 billion in the third quarter. The fourth-quarter loss included $8 billion related to costs associated with the loss of tens of thousands of jobs as well as businesses. Lucent CEO Henry Schacht is slashing $4 billion in annual expenses to offset a drop in demand for telecommunications equipment. He said Lucent could be profitable at some point in fiscal 2002.
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