Lucent comes out with disappointing quarterly results

Lucent comes out with disappointing quarterly results

Lucent Technologies has come out with their latest recent quarterly results and they have reported that the quarterly profit fell 79 percent. This was mainly due to lower sales of wireless network equipment in North America.

This is however inline with the recent announcement made by the company. Lucent is in the process of being acquired by French communications equipment maker Alcatel.

The company reported that its net income dropped to $79 million, or 2 cents per diluted share in the most recent quarter compared to income of $372 million, or 7 cents a share in the same period last year.

The revenues itself were down to $2.05 billion from $2.34 billion. This was however in line with what the market had expected from the company.