Lucent profit tops estimate; stock falls 9%

Article Abstract:

Lucent Technologies Inc. reported earnings of 22% for the third quarter, an net income of $750 million, and a drop in its stock to $69.94, down $6.89. Investors took profits on most technology stocks as well as the the telecommunications-equipment giant. Lucent has capitalized on growing international sales and its acquisition of Ascend Communications Inc. Investors may be responding the departure of Carleton Fiorina, who is leaving to become chief executive of Hewlett-Packard. But Lucent chief Richard McGinn insures a continuation of annual 14% growth.

Telephone and telegraph apparatus, Telephone Apparatus Manufacturing, Sales, profits & dividends, Data Communications Equip, Computer network equipment industry, Network hardware industry, Mergers, acquisitions and divestments, Appointments, resignations and dismissals, Company sales and earnings, Data communications equipment, Company earnings/profit, Fiorina, Carly, Ascend Communications Inc., ASND

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Lucent could cut jobs, take big charge

Article Abstract:

Lucent Technologies announced a major restructuring that calls for a $1 billion charge against earnings and 10,000 layoffs. The news comes on top of a horrible year for the telecom equipment maker in which it lost key executives and posted lower earnings. The primary problem for Lucent was that is pursued an aggressive and expensive expansion plan that could not be supported by the market.

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