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News Summary: Alcatel-Lucent to cut 5,000 jobs

By The Associated Press
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JOB CUTS: Telecoms equipment maker Alcatel-Lucent plans to eliminate 5,000 jobs in a multimillion-euro drive to cut costs. It plans to exit or reduce operations in markets where it was struggling. It did not specifically name those markets.

FINANCIAL RESULTS: On Thursday, it reported a second-quarter net loss of €254 million ($308 million). The company logged the largest decline in revenue in Europe, where sales fell 15.6 percent over the second quarter the last year.

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