Lucent reports Q1 profit

Lucent Technologies Inc. last month reported a first-quarter profit, supported by significant revenue from mobile services offered by the company.

Lucent reported a net income of US$338 million, or US$0.07 per share, for the quarter, which ended Dec. 31. This compares to a net loss of US$264 million, or US$0.11 per share, a year ago. The profit exceeds analysts’ expectations, as surveyed by Thomson First Call, of a net loss of US$0.01 per share.

The Murray Hill, N.J.-based company reported US$2.26 billion revenue for the quarter, up nine per cent from the US$2.08 billion revenue of the year-ago quarter.

As market spending increases, the company is poised to have revenue growth driven by next-generation networks products and services, said Chairman and Chief Executive Officer Patricia Russo in a statement. Based on this quarter’s results, the company expects to report a profit for the year, excluding any one-time gains or losses.

Lucent’s earnings for the quarter were strengthened by revenue of US$960 million in mobile products and services, an increase of 32 per cent compared to the year-ago quarter.

– IDG News Service