The announcement of job losses followed the release of Lucent’s financial figures for Q3. Lucent posted revenues of $2.95 billion in Q3 compared with $5.89 billion in the corresponding quarter last year. The company also posted a loss of $7.91 billion in Q3 compared with a loss of $3.24 billion in Q3 2001. Lucent blamed its ninth straight quarterly loss on the prolonged downturn in the telecommunications sector. The company believes that it will make a return to profitability in late fiscal 2003.
