NEW YORK (CNN/Money) - Ciena Corp. said Tuesday it will cut 650 jobs, or 22 percent of its total work force, and record charges of up to $360 million in its second quarter of 2002.

Linthicum, Md.-based Ciena expects the job cuts to save $145 million to $155 million by the third quarter of 2002.

The company said it will take a second-quarter charge of $125 million to $135 million related to the job cuts, lease cancellations, lease costs, and various asset writedowns.

It also will take a charge of $200 million to $225 million in the second quarter due to excess inventory in its long-haul operations and purchase commitments with suppliers.

"The actions we've taken today will help facilitate Ciena's return to profitability," President and CEO Gary Smith said. "Ciena [has] grown up in turbulent times and agility has been a key competitive advantage."

Ciena (CIEN: down $0.24 to $8.11, Research, Estimates) shares were lower early Tuesday.