Alcatel-Lucent plans to return to profitability by the second half of 2010, according to a top company executive.
"Regarding net income, we expect to return to profits during 2010, most likely in the second-half of the year," CFO Paul Tufano was quoted as saying in the French newspaper Les Echos. The company posted a $5 billion net loss in the fourth quarter, mainly on write-downs, but its performance beat expectations.
The company, which announced plans in December to cut costs by $978 million in 2009, said in February that it would maintain its market share, despite weak macroeconomic conditions. Alcatel scored a major win when Verizon Wireless selected the company last month, among other vendors, to supply infrastructure for its Long Term Evolution (LTE) network.
In December, Alcatel-Lucent said it would slice 1,000 management positions and 5,000 contract jobs on top of the 16,500 jobs the company had already said it would cut by the end of 2009.
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