Lucent reports Q3 net loss of $295m

Lucent reported a net loss, including preferred dividend payments, in its fiscal third quarter ended June 30 of $295m (€256m), or 7 cents a diluted share, compared with a net loss in the year-ago quarter of $8.07bn (€7bn), or $2.35 a diluted share. Its loss in the previous quarter was 14 cents a share.

Analysts said the company's costs remain too high and that job cuts down to around the 30,000-person level are necessary.

Lucent has said it is targeting a work force of 35,000 by the end of September and said Wednesday more costs will be cut, but has not said whether those plans include further job cuts.