Agere Systems Will Cut 4,000 More Jobs
Bloomberg News
Agere Systems Inc. will cut 4,000 jobs, or 24% of its work force, in the second round of firings since Lucent Technologies Inc. sold shares in the semiconductor business as part of a spinoff plan. The company said in April that it would cut 2,000 jobs.
Agere also said sales in the current quarter will come in at about $920 million, 3% less than its previous estimate. The company expects a loss of 8 cents a share, wider than the 7-cent loss analysts forecast.
Agere said the staff reduction will result in charges of as much as $900 million and should save about $520 million annually.
Shares of Agere rose $1.31 to $7.30 on the New York Stock Exchange.
