The company made a loss of $909 million, significantly more than last year’s Q4 losses of $11 million. However, these losses are down, compared to last quarter’s $1.2 billion deficit.
The company has also announced that it is to make another set of job cuts, bringing the number of cuts made in 2001 to 29,000.
The company does see increasing hope for the future as chairman and CEO, Henry Schacht, says, We believe our revenues will improve in the second fiscal quarter of 2002. In fact, we are seeing early signs of increased customer spending in some segments of our business for that quarter. This isn’t surprising because even our customers’ reduced forecasts for calendar 2002 are still higher than their rate of spending in the current quarter.
If this increase in revenues rise materializes, combined with Lucent’s ongoing cost cutting program, the company’s performance in 2002 could significantly improve.
