Outlook grim for Lucent

Lucent has said that it is to report a larger than expected loss for the third Quarter, around 65 cents a share instead of the forecasted 45 cents a share. The company is also to take $4bn (€4.05bn) in charges.

Lucent has suffered with the downturn in spending by telecommunication companies and the position is not expected to improve in the near future. It forecasts revenue in 2003 to be down 20% on that of 2002.

In an effort to reduce costs the company is cutting a further 10,000 jobs. In 2000 it had 106,000 employees by 2003 it expects to have 35,000.