Maker of telecom gear forecasts big loss, seeks to cut $1B in costs
December 21, 2000: 7:31 a.m. ET


NEW YORK (CNNfn) - Lucent Technologies warned Thursday that it expects a first-quarter loss of 25 to 30 cents a share from continuing operations, much worse than Wall Street forecasts of a loss of 1 cent a share.

The maker of telecom gear, whose stock is one of the most widely held in the United States, said it would seek to cut $1 billion in costs. It also said it cut its previously reported fourth-quarter results by 2 cents a share, as it had indicated last month.

Lucent (LU: Research, Estimates) stock fell $1.88 to $15.50 Wednesday.

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