Lucent not planning more cuts

A spokesman for Lucent Technologies Inc. in Murray Hill, N.J., last Friday denied a report that the network gear maker will cut 15,000 more jobs than earlier announced.

Plans are still to reduce the workforce to about 45,000 workers by year's end, and not down to around 30,000, as reported in the TheStreet.com last week, said Lucent spokesman Frank Briamonte.

TheStreet also said Lucent would drop product lines as part of the cuts, but Lucent spokeswoman Michelle Davidson said it has not been determined whether any product line cuts will be necessary. The only statement made recently about financial performance was Lucent's earnings report in July calling for further actions by the company in order to break even in terms of earnings per share, she said.

In July, the company reported a net loss of US$7.91 billion for its third fiscal quarter ended June 30 and said it would lay off 7,000 employees in an increased effort to curtail costs.

The company had about 106,000 workers in January 2001 and about 53,000 on June 30, 2002, Briamonte said.

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