Phone gear maker expects huge loss; Nortel report shows dot-com woes are starting to spread

Article Abstract:

Nortel Networks expects to report a loss of historic proportions, near $19.2 billion, this quarter, and plans to lay off 10,000 people. The magnitude of the loss shows how the collapse of Internet firms, for which Nortel supplied much of the infrastructure, is affecting so-called Old Economy corporations.

Canada, Nortel Networks Corp., NT

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Lucent announces big further job cuts, and a large loss

Article Abstract:

Lucent Technologies announced plans for 20,000 new job cuts in response to posting a $3.25 billion loss for the third quarter. This leaves the telecom equipment maker with less than half of the 155,000 employees who worked there a year ago. This dramatic retrenchment follows a period of rapid growth throughout the late 1990s.

Planning, Downsizing (Management)

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Lucent lowers sales forecast; stocks hit hard

Article Abstract:

Lucent Technologies' quarterly revenue loss was reported at 35%, around $3.1 billion. While analysts had predicted a loss of about 17 cents a share, Lucent reports the loss between 23 to 26 cents, with a reported closing of $6.52 a share on the news. CEO Henry Schacht reported that the company had hit bottom and expected a return to profitability next year. Also by mid-2002, Lucent plans to have about 150,000 less employees than it did by mid-2000.

Sales, profits & dividends, COMMUNICATION, Communications, Broadcasting and Telecommunications, Telecommunications services industry, Telecommunications industry, Reports, Contracts, Company sales and earnings, Company earnings/profit, Schacht, Henry B.

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