NEW YORK-The story of Lucent Technologies Inc. continues to sour as the company announced another round of layoffs affecting 7,000 positions, or 13 percent of its work force, in its ninth consecutive quarterly loss.
Lucent reported a third-quarter net loss of $7.91 billion, or $2.31 per diluted share, compared with a net loss of $3.24 billion, or 95 cents a diluted share, in the year-ago period.
“The market continues to be challenging. Capital spending constraints have intensified and remained in place much longer than anyone would have predicted,” said Patricia Russo, Lucent’s chief executive.
Its operating revenue dropped to $2.95 billion as against $5.37 billion last year.
The telecom equipment giant said it would undertake more restructuring to bring the company to profitability.
