Alcatel-Lucent on Wednesday posted its third consecutive quarterly loss, resulting in thousands of job cuts and the departure of the companys CFO.
The worlds largest telecom equipment maker reported a net loss of $459.7 million in the third quarter of 2007. Revenue fell 11 percent.
Embattled CEO Patricia Russo remains on the job. Rumors have swirled that the Alcatel-Lucent board has lost patience waiting for Russo to announce a turnaround plan. That strategy, unveiled today, includes 4,000 more job cuts for a total of 16,500 and the replacement of CFO Jean-Pascal Beaufret with Hubert de Pesquidoux, who heads the enterprise division.
Alcatel-Lucent said it will save $577 million by the end of 2009 with the additional job cuts.
The telecom equipment sector has struggled over the past year as fewer operators invest in infrastructure. Alcatel-Lucent also has had problems integrating post-merger, adding to its woes.