Agere cuts 4,000 more jobs, sees Q3 revs below plan

June 29, 2001 – Allentown, PA – Agere Systems said it was cutting another 4,000 employees, or about 25% of its work force, and expected to take up to $900 million in charges as it restructures its business to cope with the severe downturn in the semiconductor industry.

The optical components maker, a former unit of Lucent Technologies that was spun off in late March, said the job reductions were in addition to the 2,000 employees that had been laid off from the company in April.

In addition, the company said it expected third-quarter revenues to be about $920 million, below the low end of the company’s original guidance of $950 million. It also expects a third-quarter pro forma loss of $0.08 per share, excluding amortization and all the above charges. Including these charges, the loss is expected at $0.30 a share.

Before the April job cuts, the company had a total work force of about 18,500, it said.


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