Lucent affirms Q3 guidance
Lucent Technologies's third quarter will show modest sequential growth over its $5.915 billion, second-quarter numbers, Chair and CEO Henry Schacht said today at the Supercomm Show in Atlanta. Schacht reaffirmed the company's financial guidance in a meeting with financial analysts.
"Our turnaround plan envisions quarter-to-quarter progress, and we continue on that path," he says.
Schacht also said the company was comfortable with its restructuring plan, and would accelerate its cost-reduction efforts.
Lucent last week issued a joint statement with Alcatel stating that merger talks between the two had terminated. Lucent has been seeking ways to raise $2.5 billion in cash by the end of September, including the sale of its fiber optic unit. Last week, the company reportedly had at least two bids in the $4 billion range. Lucent had reported $4.7 billion in losses for its first two quarters.