Alcatel is staring down both barrels today as it announced that a further 23,000 people would lose their jobs by the end of next year.
This massive round of jobs cuts comes on top of the 10,000 or so announced in June and will bring Alcatel's headcount down to 60,000 by the end of 2003.
At the end of last year the workforce stood at 99,000.
This latest blow for employees comes as the French telco equipment company warned that revenues were on the floor and heading towards the basement.
It expects revenues to continue to dive, down 10 per cent for the second part of the year compared to H1, as a result of the ongoing slump in the telcoms market.
The restructuring - which will set it back E500m - should help it restore Alcatel to profit somewhen next year, the company said in a statement. ®