Alcatel-Lucent to Cut 5,000 Jobs After Reporting Loss
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Alcatel-Lucent SA will cut 5,000 jobs after slumping to a loss, signaling Chief Executive Officer Ben Verwaayen’s effort to revive the company is losing steam and sending the stock to its lowest level since at least 1989.
France’s biggest phone-equipment supplier said today it will save an extra 750 million euros ($911 million) with the cuts, equal to about 6 percent of staff. The company, which in 2011 posted an annual profit for the first time in five years, fell to a loss of 254 million euros in the latest quarter.