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| Lucent to Cut 10,000 Jobs as Its Losses Keep Mounting by Jeremy at 9:53 am EDT, Oct 12, 2002 | |||
Lucent announced plans to cut an additional 10,000 jobs and forecast a larger-than-expected quarterly loss, signaling that its problems are far from over. Down to 35,000 employees, from 123,000 two years ago. Taking a $4B charge. Nine consecutive quarterly losses. Stock down 90% on the year. $8.2B in outstanding debt. Serious doubts remain about Lucent's goal of attaining profitability and remaining relatively intact. Jeff Kagan: "Lucent is already a memory as the company is a shadow of its former self, and it may not be quite done shrinking yet." | |||
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