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General

Alcatel-Lucent CEO admits too optimistic in forecasts

Wednesday 1 August 2012 | 10:10 CET | News
Ben Verwaayen, CEO of Alcatel-Lucent, has admitted the company was "too optimistic" in its forecast to improve profitability this year. In an interview with the Financial Times, he said the company could only blame itself for missing its targets. After already delivering EUR 1.2 billion in cost savings at the network equipment maker, Alcatel-Lucent must now double this and accelerate its cost reductions, he said, adding the "shock absorbers were not there to cope with the market situation". He also downplayed concerns the loss-making company is burning up cash, noting it has EUR 5.5 billion

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Categories: General
Companies: Alcatel-Lucent USA/FR
Countries: World
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