Lucent Expects to Return to Profit Next Year

Lucent Technologies has reported revenues of US$5.2 billion for the fourth fiscal quarter of 2001 compared with US$5.9 billion in revenues achieved in the third fiscal quarter of 2001. The fourth fiscal quarter pro forma results exclude business restructuring and one-time charges of $8 billion, and the amortization of goodwill and acquired intangibles. Excluding these charges, Lucent reported a loss of US$909 million, slightly higher than most analysts had been expecting. For the full year, Lucent has reported a US$4.7 billion loss on revenues of US$21.3 billion.

The company says that it expects to return to profitability next year, and plans a further round of job cuts. The company expects to reach its target of 57,000 to 62,000 employees by the end of the second fiscal quarter of 2002, down from the 106,000 staff they were employing just six months ago."

Posted to the site on 24th October 2001