Over the past couple of years, Paris-based Alcatel Lucent SA (ADR) (NYSE:ALU) has been going down a rocky road, struggling to put its finances in the black while reeling under the burden of cutthroat competition.
Alcatel Lucent SA (ADR) (NYSE:ALU)'s newly appointed CEO, Michel Combes, recently announced plans to cut costs. Combes said he aims to raise 2 billion euros ($2.7 billion) by 2015 through job cuts and asset sales.
It was a big contract win for Alcatel Lucent SA (ADR) (NYSE:ALU). The company was awarded a big 4G deal by China Telecom, which would make it one of the three top suppliers of high-speed mobile broadband access.
According to Reuters, French-based company Alcatel-Lucent SA (ADR) (NYSE:ALU), which is to be acquired by tech giant Nokia Corporation (ADR) (NYSE:NOK), has improved its operating margins in the first quarter despite deterioration in US sales.
Alcatel Lucent SA (ADR) (NYSE:ALU) plans to update on its new growth strategy later this year. The company is entering the final leg of its turnaround plan and CEO, Michel Combes, said he remains focused on completing the process successfully.