Site icon MacTech.com

AT&T, Lucent bleed $20 billion

AT&T posted a US$12.7 billion second-quarter loss Tuesday, a result of a $13.1 billion write-down in the value of its cable TV unit, which is being sold to Comcast. Excluding that charge, the company posted a profit of $0.07 per share, slight ahead of expectations. Revenues declined 6.2 percent from the year-ago quarter, to $12.1 billion. AT&T also said that it had won business from former WorldCom clients, including Apple, according to CBS Marketwatch. Meanwhile, Lucent Technologies reported a third-quarter loss of $7.9 billion, largely a result of a $5.8 billion write-down in assets. The company saw its revenues cut in half to $2.95 billion from the year-ago quarter. The company announced it would be cutting an additional 7,000 employees before the year’s end, or 13 percent of its work force, and said it will take an $808 million restructuring charge for doing so.

Exit mobile version