By Huffington Post

Telecom equipment maker Alcatel-Lucent will axe 5,000 jobs and exit or restructure unprofitable markets in a drive to cut costs by 1.25 billion euros ($1.5 billion) by the end of next year as it battles stiff competition and weak demand.

The move comes after the Franco-American group warned last week it would miss its 2012 profit margin target and announced a second-quarter adjusted operating loss of 40 million euros.

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