Lucent Technologies reported quarterly revenues of $2.19 billion, a decrease of 3% sequentially and 9% from the year-ago quarter. Quarterly net income was $68 million or 2 cents per diluted share -- marking Lucent's third straight quarter of profitability. For comparison, Lucent posted net income of $338 million or 7 cents per diluted share in the preceding quarter and a net loss of $351 million or 14 cents per diluted share in the same period a year ago.
Lucent said its mobility business remains strong, highlighted by an agreement with Verizon Wireless to provide mobile networking equipment for its high-speed wireless data service. The company also noted growth opportunities for its optical business and its "Accelerate VoIP" solutions.
However, Lucent warned that "at this point, we now expect annual revenues to increase on a percentage basis in the low single digits for the fiscal year. While we may still see some quarterly fluctuations, we continue to expect to report a profit for the year, excluding any additional impact from a revaluation of the warrants."
Some highlights from the quarter:
- Gross margin was 43%
- Operating expenses were $623 million as compared with $648 million in the preceding quarter
- As of 31-March-2004, Lucent had $4.6 billion in cash and marketable securities. This represents an increase of more than $300 million from the previous quarter.
- Revenues for the Integrated Network Solutions (INS) division were $738 million, a decrease of 7% sequentially and a decrease of 5% compared with the year-ago quarter.
- Revenues for the Mobility Solutions division were $951 million, a decrease of 1% sequentially and a decrease of 13% compared with the year-ago quarter.
- Revenues for Lucent Worldwide Services (LWS) were $479 million, an increase of 3% sequentially and an increase of 11% compared with the year-ago quarter.
