The share price of Alcatel-Lucent has slipped today (October 8th), after the firm revealed that it is cutting thousands of jobs in a bid to save money.
It was announced by the telecoms equipment maker that 10,000 jobs – some 14 per cent of its workforce – is to be cut.
Chief executive Michel Combes described the changes being made by the firm as difficult but necessary if its future is to be secured.
Alcatel-Lucent has announced a loss in each of the last five quarters and is aiming to save a total of $1.4 billion (£868 million) through costs cuts by 2015, reports BBC News.
Although the share price of the firm initially rose by two per cent on the back of the news, it slipped back later in the session.
At 14:44 BST, stocks in the company were 0.76 per cent lower on the Paris stock exchange when compared to the start of the day.
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