Lucent Technologies Inc has posted its first full year profit since 2000 and, after bleeding cash and making painful cuts during the downturn, is now full of optimism for the future.
CEO Patricia Russo said she expected the market, and Lucent’s business, to grow again in 2005 as customers continue to invest in revenue-generating services.
In its fourth quarter to September 30, net income leapt 351% to $348 million on revenue 18.5% higher at $2.4 billion. For the year, it recorded net income of $1.15 billion, up from a loss of $1.16 billion on revenue 6.8% higher at $9 billion.
The big driver of growth has been the company’s mobile business where revenue for the year increased 30% to $4 billion and during the quarter Lucent announced a $5 billion contract with Verizon Wireless.
On the wireline side, the company still has problems with revenue for the year down 10% to $2.98 billion, though fourth quarter revenue rose 4% to $741 million.