Lucent Technologies Inc. reported a narrower loss for its fiscal third quarter but saw its sales drop by a third amid continued weak spending by network operators, the U.S. telecommunications equipment manufacturer said Wednesday.
Lucent reported a net loss of US$254 million for its fiscal third quarter ended June 30, or US$0.07 per diluted share, compared with a net loss of US$8.03 billion, or US$2.35 a diluted share, for the same period a year earlier, the Murray Hill, New Jersey, company said in a statement.
Analysts had expected Lucent to report a loss of US$0.06 a share for the third quarter, according to a consensus estimate from Thomson First Call.
The net loss figure includes several charges, which the company said were offset by certain income tax benefits. The net loss for the quarter to common shareholders, including preferred dividend payments, was US$295 million.
Lucent's third-quarter sales fell 33.6 percent to US$1.96 billion, from US$2.95 billion last year, the company said.
Lucent warned last week that it did not expect to return to profitability until 2004, and said it expected third-quarter revenue to be just under $2 billion.