As we mentioned earlier in the week, analysts expected Lucent to post sales of $2.3 billion and earnings of four cents per share, however the company managed to beat expectations by announcing net income of $371 million, or seven cents a share, while revenue for the period rose 5.3 percent to $2.56 billion. Alcatel, which is acquiring Lucent, posted a less impressive quarter with a 42 percent fall in net profit because of "intensifying competition, pricing pressure in the mobile-phone equipment market and year-earlier gains," according to The Wall Street Journal. Alcatel is currently acquiring Lucent in an $11 billion, all-stock deal announced in April. The combined company is expected to save $1.7 billion in the next three years, which will come from cutting 10 percent of its 88,000 jobs. Here are Lucent's results from last quarter.
For more on Alcatel and Lucent's quarterly results:
- see this WSJ article (sub. req.)