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15,000-20,000 jobs to be cut

Tuesday, July 24, 2001 | 10:56 a.m.

NEW YORK -- Lucent Technologies Inc. plans to cut another 15,000 to 20,000 jobs from its payroll and is eliminating its dividend in a bid to return to profitability.

The announcement today came as the embattled telecommunications maker posted a fiscal third-quarter loss of $3.25 billion, far wider than expectations.

Separately, Lucent said it had reached an agreement to sell its fiber-optics operations to Furukawa Electric Co. and Corning Inc. for a total of $2.75 billion.

Lucent also said it was eliminating its 2 cent quarterly dividend beginning Sept. 1, in a move the company said would free up $68 million per quarter.

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