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Lucent Trims Predictions, Names New COO

Lucent Technologies said Friday that it wouldn't meet its revenue numbers for fiscal 2006 and, in a sign of growing urgency at the networking equipment manufacturer, named its chief financial officer, Frank D'Amelio, as chief operating officer. The COO position has been vacant in recent months.

The firm said it expects annual revenues for the 2006 first quarter, which ended Dec. 31, will be about $2.05 billion, down from the previous quarter's $2.43 billion.

"As a result of the first-quarter performance and a review of our expectations for the remainder of the year, we believe it is prudent to change our full-year revenue guidance at this time," said Lucent chairman and CEO Patricia Russo in a statement.

"While we are clearly disappointed, we consider this to be a temporary setback to the progress we have made, and we are confident that our performance will be much stronger for the remainder of the year."

Lucent pointed to lower sales in the U.S. and China as the reason for the decline in the December quarter's revenues. The firm added that it expects sales in the second half of the year to be higher than the first half.

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