Lucent

(LU)

was hemorrhaging in the premarket session after saying its fiscal first-quarter loss will be wider than expected.

Before items, the Murray Hill, N.J., telecommunications equipment company expects to lose between 23 cents and 26 cents a share in the quarter, which ends this month. Analysts on average were expecting a loss of 17 cents a share. The company expects revenue of $3.1 billion to $3.4 billion, down from the fourth quarter's $4.8 billion.

Lucent said it expects the current quarter to be its low point and predicted it will return to profitability in the current fiscal year.

On Instinet, Lucent was down 63 cents, or 8%, to $7.10.