Alcatel's weak Q3; Lucent beats the Street
Analysts expected Lucent to post sales of $2.3 billion and earnings of four cents per share, however the company managed to beat expectations by announcing net income of $371 million, or seven cents a share, while revenue for the period rose 5.3 percent to $2.56 billion. Alcatel, which is acquiring Lucent, posted a less impressive quarter with a 42 percent fall in net profit because of "intensifying competition, pricing pressure in the mobile-phone equipment market and year-earlier gains," according to The Wall Street Journal. Alcatel is currently acquiring Lucent in an $11 billion
, all-stock deal announced in April. The combined company is expected to save $1.7 billion in the next three years, which will come from cutting 10 percent of its 88,000 jobs.
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