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Lucent warns it will not be in profit this year

Lucent Technologies has warned it will not be profitable in 2003.

Lucent Technologies has warned it will not be profitable in 2003.

The telecommunications equipment manufacturer now expects to return to profitability in its 2004 financial year.

The company expected its third-quarter results, to be announced on 23 July, to reflect an 18% drop from the $2.4bn (£1.5bn) in revenue reported in the second quarter. Third-quarter revenue is just under $2bn.

Lucent blamed poor performance in its wireless networking products for the loss. The company sees continued uncertainty in the market, particularly for its Mobility division.

Only a modest amount of cash was used in the quarter, Lucent said. It expected to end the quarter with $4.9bn (£3.1bn) in cash and short-term investments.

Robert McMillian writes for IDG News Service

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