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IN BRIEF / EARNINGS

Lucent Posts Profit as It Slashes Costs

October 23, 2003|From Bloomberg News

Lucent Technologies Inc. had its first profit in 14 quarters, rebounding from almost $30 billion in losses in the last three years by slashing costs amid slumping sales of phone gear.

Lucent reported net income of $99 million, or 2 cents a share, contrasted with a net loss of $2.81 billion, or 84 cents, a year earlier. The company said sales fell 11% to $2.03 billion.

Lucent's return to profitability came earlier than Chief Executive Patricia Russo predicted.

The profit may not be repeated this quarter, though Lucent said it expected to reach "sustainable profitability" in the next 12 months.

Lucent shares rose 33 cents to $2.78 on the New York Stock Exchange.

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