PARIS-Alcatel Corp. said it plans to cut 20,000 more jobs and revised its quarterly sales forecast by 10 percent, driving its stock up 10 percent.
“Due to a further deterioration of the telecom markets, Alcatel will present to employee representatives an acceleration of its restructuring program to maintain the previously announced goal of a profit restoration in 2003,” said the company in a statement.
Half of the 20,000 job cuts took effect in June, although they were not announced. The company had planned to cut 30,000 jobs for 2001 and 2002, which do not relate to the new 20,000 cuts.
