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IN BRIEF / Technology

Alcatel Anticipates a Loss for 2002

June 27, 2002|Bloomberg News

Alcatel, Europe's biggest maker of telecommunications equipment, expects a loss this year as clients cut spending on phone gear and said it will shed a further 10,000 jobs as part of an expanded restructuring plan.

The Paris-based company had previously forecast an operating profit for the year. It also trimmed its sales estimates.

Phone-equipment makers have seen sales plunge as phone companies such as BT Group cut investments and network operators such as Global Crossing Ltd. went bust. WorldCom Inc. forecast losses for 2001 and the first quarter of 2002 after discovering it had inflated profit.

Alcatel shares fell 92 cents, or 10.8%, to $7.63 on the NYSE.

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