MURRAY HILL, N.J.—Lucent Technologies commented on its declining economic situation, stating that it will post revenues in the first quarter of between $3.1 and $3.4 billion but that the first quarter will also represent the low point of the company’s falling sales.
Lucent blamed the industry-wide reduction in spending for network infrastructure and related services as the reason behind its flagging revenues.
“We continue to move swiftly and decisively on all points of our Phase II restructuring program, which is driving sequential improvement in our bottom line, despite this reduction in sales,” said Lucent Chairman and Chief Executive Officer Henry Schacht. “The company expects the loss per share from continuing operations for the first fiscal quarter of 2002 to be 23 cents to 26 cents.”
Schacht also confirmed the company plans to spin off Agere Systems.
Lucent’s stock was down about 10 percent after the news to about $7 per share.
