Lucent Plans More Job Cuts

Lucent Technologies

(LU)

reportedly plans to slash its workforce by as many as 5,000 by the end of June through a combination of layoffs, sales and existing business outsourcing.

Most of the cuts will be for new outsourcing agreements, and they will be made in areas where the company had been previously eliminating positions, bringing the company's total headcount to around 50,000, according to

The Wall Street Journal

.

TheStreet.com

reported

last month that Lucent was considering cutting more jobs as its business continued to deteriorate.

A spokesperson for the company said an updated employment number would be provided when the company releases its quarterly earnings on April 22.

Shares of Lucent closed at $3.92 before the news, just ahead of the company's 52-week low of $3.79.