Alcatel to Slash Jobs After Loss

Alcatel-Lucent SA shares slumped to new lows Thursday after the company burned through half a billion euros ($607.9 million) of cash in the second quarter of 2012 and announced a new cost-cutting plan to cope with its woes.

The company posted a net loss of €254 million , after a net profit of €43 million a year earlier, as revenue fell 7.1 percent to €3.55 billion, with steep declines in wireless spending in North America and Western Europe.

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