Lucent Technologies posted a fourth-quarter loss that missed analysts estimates and took an $8 billion charge to restructure its operations as the slowdown in telecom spending continued to take its toll.
Earlier this year, Lucent said it would cut nearly half of its global workforce of 106,000. So far, it has cut nearly 30,000 jobs, with the remaining expected to be slashed by middle of next year.
So far, Lucent’s 900 strong Irish workforce have been largely unaffected by drastic cutbacks in the company’s global workforce.
Lucent’s Blanchardstown site is a strategic hub for optical networking operations and at Cabinteely it has a global software development and a financial services centre. The central Dublin office is international HQ for business partner organisation.
It said the cost-savings impact of the restructuring as well as expectations for improved customer spending next year, should return the company to profitability next year.
Lucent reported a fourth-quarter loss of $909 million, a sharp drop from last year's loss of $11 million.
Lucent expects that spending in the telecom industry will worsen in the December quarter due to the increased uncertainty after September 11th.