Lucent Technologies reported a $7.84 billion (EUR 7.93 billion) loss and plans for 7,000 more job cuts. The company, who earlier this year promised the market was hitting bottom, reported a 16 per cent drop in third-quarter revenues to $2.95 billion, below the company's guidance of $3 billion issued last month. Most of Lucent's net loss was attributed to a $5.8bn non-cash charge, which the company said would defer a tax benefit that could be used to reduce future taxable income. Including this charge, Lucent's loss was $2.30 per share, compared with a loss of $495 million, or 19 cents per share, a year earlier. "The market continues to be very challenging. Capital spending constraints have intensified and remained in place much longer than anyone would have predicted," said Lucent's Chief Executive Officer Patricia Russo. Due to ongoing market uncertainty, the company is not providing guidance for the fourth fiscal quarter of 2002. The company continues to target a return to profitability in late fiscal 2003.
