Lucent to Narrow Loss; Profit Expected in ’04
Lucent Technologies Inc., the biggest U.S. maker of telephone equipment, said its fiscal third-quarter revenue declined to about $1.97 billion because of lower sales of wireless equipment and pushed back its target for a return to profitability.
The firm said it had a narrower third-quarter net loss of 6 cents to 8 cents a share in a statement on preliminary results, compared with $2.35 a year earlier. It said third-quarter sales fell 18% from $2.4 billion in its second quarter.
Sales were $2.95 billion in the year-earlier third quarter. Murray Hill, N.J.-based Lucent reports full third-quarter results July 23.
The company also said it won’t reach profitability until fiscal 2004. It previously targeted a return this fiscal year, which ends in September.
Shares of Lucent fell 10% to $1.72 in after-hours trading, after the announcement. The stock had closed down 6 cents at $1.92 on the NYSE.
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