PARIS—French vendor Alcatel has posted low third-quarter financial results and warned 2001 will end with a full year of losses. In addition, in an attempt to “break even,” the company plans to cut 10,000 jobs in Europe.
Alcatel said it took a US$506.8 million net loss for the quarter, compared with a US$267 profit a year ago. The company will also take an operating loss of US$193.5 million compared with an operating profit of US$557 million last year. Analysts had predicted a net loss of US$278 million and an operating loss of US$166.5 million. The company also said it expects to endure an annual net loss of $4.5 billion.
The 10,000 job cuts Alcatel is now planning in Europe come in addition to the 23,000 it has already made throughout the year.
