Telecommunications equipment maker Lucent Technologies posted its ninth consecutive quarterly loss today and said it would have to cut another 7,000 jobs because the telecom spending slowdown has not relented.
Lucent posted a third-quarter net loss of $7.91 billion compared with a net loss of $3.24 billion in thesame quarter last year.
Lucent said it would cut another 7,000 jobs plus eliminate an additional 1,000 jobs through attrition, outsourcing and sales of businesses to reduce its work force by 15 per cent by the end of the year. It employed 53,000 at the end of June.
Lucent Ireland employs 900 people and has facilities in Ballsbridge, Blanchardstown, Cherrywood and St Stephen's Green.
Lucent declined to provide any guidance for the fourth quarter, citing the market uncertainty, but repeated its goal to return to profitability in late fiscal 2003.