Alcatel Posts Loss, Will Cut 10,000 More Jobs
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Telecommunications equipment supplier Alcatel said it plunged into the red in the third quarter and warned of a full-year loss as it announced 10,000 more job cuts to counter a drop in demand.
Chief Executive Serge Tchuruk also said the sector slowdown probably would worsen in the first half of 2002.
Alcatel posted an operating loss of $195 million for the quarter, compared with an operating profit of $526 million a year ago, as revenue fell 18% to $5.08 billion. The loss was at the low end of market expectations.
Alcatel shares rose $1.17, or 8%, to $14.93 on the NYSE.
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