But some analysts say the German electronics company is taking important cost-cutting steps toward a brighter future.

The company lost $70.3 million in the third quarter after taking a $135 million charge related to 1,400 layoffs and other cost-cutting steps.

New chief executives often choose to take cost-cutting steps early in their reign.

After layoffs, plant closings and other cost-cutting steps, most industry executives say they can do little now but wait for a stronger economy.

With most of its boards now running annual deficits, it is thought tough cost-cutting steps may be taken.

The cost-cutting steps, the company said, are part of an effort that began late last year to improve financial and business performance.

It operating income declined 12 percent, to $787 million, last year and it sold 39 stations, among other cost-cutting steps.

"It creates an acceptable moment to take cost-cutting steps that a lot of managers wanted to do anyway."

Earlier this month, the company announced that it would be taking a series of cost-cutting steps this year, including layoffs.

The city also expects to save through conservation measures and cost-cutting steps that the administration announced yesterday.