Struggling telecommunications equipment giant Lucent Technologies said today its second-quarter results plunged as the slowdown in customer spending combined with the company's restructuring actions to drag down its results.
Lucent reported an operating loss of $3.7 billion, compared with net income of $755 million in the same period last year.
This year's results included $2.7 billion in business restructuring and one-time charges.
Revenues from continuing operations for the quarter ended March 31st fell 18 per cent to $5.9 billion from $7.2 billion. Lucent said it has cut 2,000 of the 10,000 job cuts it announced in January.
Lucent's stock closed yesterday down 3 per cent at $9.20 in New York Stock Exchange trading.
Over the past year, it has underperformed the Standard & Poor's 500 Index by more than 80 per cent.
