Lucent Technologies will report a wider-than-expected fourth quarter loss, cut an additional 10,000 jobs and take a $3 billion charge due to a decline in its pension assets, it said today.
A spokesperson for the company, which employs 800 people in the Republic in Blanchardstown and Cherrywood in Dublin, said it was too soon to say if the cuts would affect staff in Ireland.
Lucent, which has already reduced its workforce in the Republic by at least 80 people over the past two years, said it expects a fourth-quarter loss of as much as 65 cents a share.
It had warned that it would post a 45 cent per share loss during the quarter, nearly triple what analysts had been expecting only two weeks ago.
The company said that by the end of fiscal year 2003, it expects to have 35,000 employees, about 10,000 less than it expects to employ by the end of this year.
Lucent said it would record a charge of about $3 billion due to a decline in its pension assets, primarily as a result of declines in the stock market.
Additional reporting PA
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