Lucent To Cut 10,000 More Jobs

Saddled with billions in losses, Lucent Technologies said Friday it will eliminate 10,000 more jobs by March.

The cutbacks at the telecommunications equipment maker will bring its work force to 35,000, down from a peak of 155,000 just a few years ago.

Lucent and its rivals are facing weak demand for telecommunications gear.

The company said it expects to report a bigger loss than previously expected for its recently ended fourth quarter - at least $3.2 billion. That would bring its losses for the fiscal year to at least $12 billion.

"It feels like we're trying to fly a 747 through a storm and change the engines at the same time," said Lucent chief executive Pat Russo.

Most of the cutbacks over the past couple of years were achieved by layoffs and the sale or spinoff of three of Lucent's major businesses.

In morning trading on the New York Stock Exchange, Lucent was off 3 cents at 67 cents.