Alcatel-Lucent Cuts Losses 80% as Turnaround Plan Gains Traction
As part of its restructuring plan, Alcatel-Lucent aims to strengthen its specialty in IP networking, reduce costs by 1 billion Euros, cut 10,000 jobs and reduce fixed costs by more than 15% by the end of 2015.
Alcatel-Lucent's turnaround plans are finally taking root after the company narrowed first-quarter losses 80% from a year earlier. The French network equipment maker reported quarterly net losses of 73 million Euros, narrowed by the company's moves to slash overheads and unload unprofitable parts of the business. As part of its restructuring plan, the company aims to strengthen its specialty in IP networking, reduce costs by 1 billion Euros, cut 10,000 jobs and reduce fixed costs by more than 15% by the end of 2015. The company has struggled to compete with low-cost rivals such as Nokia.
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