Agere Systems Inc., Lucent Technologies' micro- and opto-electronics spin-off, said Friday it would take more steps to bring the company back to a growth cycle while slashing 4,000 more jobs.
Agere, Allentown, Pa., now expects to post third-quarter revenues for the period ending June 30 of $920 million, which is line with the low end of the company's estimates issued in April. Agere, however, still expects to meet analysts' estimates of a loss of 8 cents a share for the quarter.
The company said the layoffs would lead to a $900 million charge, and follow cuts made in April when the company dismissed 2,000 employees. The total represents nearly one third of Agere's 18,500 staffing level as of March.Shares at press time were $6.93 a share, compared with the company's initial public offering price earlier this year of $6 a share.