Lucent Expects Bigger Loss, Will Cut Jobs
Reuters
TELECOM
*
Lucent Technologies Inc. said it would report a wider-than-expected quarterly loss, cut 10,000 more jobs and take $4 billion in charges, prompting fears that the struggling telecommunications equipment maker could run out of cash before it turns itself around.
Lucent now expects a loss of as much as 65 cents a share in its just-ended fiscal fourth quarter. On Sept. 13, it forecast a loss of 45 cents.
But analysts were more concerned about Lucent’s dwindling cash pile, which it said would fall to $2 billion by the end of fiscal 2003 from $4.4 billion at the end of June 2002. The company expects revenue to decline 20% next year.
Lucent shares fell 12 cents to 58 cents on the New York Stock Exchange.
