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Lucent lowers expectations for second quarter

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Newark, N.J.--In a sign of continued softness in the telecommunications market, Lucent Technologies Inc. on Tuesday lowered its revenue expectations for the second quarter and said its return to profitability would probably not come before 2003. The telecommunications equipment maker also announced Tuesday that it will push back the spinoff of its microelectronics business, Agere Systems. It said the spinoff could be completed in the fourth quarter. Lucent expects to see continued improvement in profitability when it releases second-quarter earnings on April 22, but now says that revenues will show just 10% growth. It had expected to see growth between 10% and 15%. Shares of Lucent fell 81 cents to $5.45 in early-morning trading on the New York Stock Exchange.
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