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Lucent to Cut Mobility Jobs

Lucent Technologies Inc. (NYSE: LU) isn't saying how many of the 7,000 job cuts it announced today on the back of dismal third-quarter results will come from its mobility solutions wireless network equipment business. But the firm did confirm that it definitely is planning to lay off workers from that unit.

"There will be cuts across the board," Frank Briamonte, a Lucent spokesperson, told Unstrung.

The struggling vendor posted an overall quarterly net loss of $7.9 billion and saw its revenue cut by half to $2.9 billion, compared with $5.9 billion in the same quarter a year ago (see Lucent Loses $7.9B). The mobility solutions group's results look relatively healthy compared to the grim overall picture. The unit posted revenue of $1.45 billion, down only 8 percent on the previous quarter and 2 percent year on year.

"We are continuing to see interest in our new wireless data products," Briamonte says.

Despite this, the firm still isn't confident enough to give guidance on its outlook for the fourth quarter, due to "continuing market uncertainty." However, Briamonte says the company is still expecting to return to profitability late next year.

— Dan Jones, Senior Editor, Unstrung
http://www.unstrung.com
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