To be human is to err, but also to surprise. Management teams past and present of telecoms hardware basket-cases Alcatel-Lucent and Motorola have done both. The former followed a disastrous 2006 merger by producing 11 consecutive quarters of losses. The latter neglected innovation and then saw sales of its mobile phones collapse. On Thursday both companies produced results that hinted at better times, causing their share prices to jump and extending runs that have seen both stocks more than double from March lows. Still, true profitability remains painfully distant.

Alcatel-Lucent’s second-quarter foray into the black came only thanks to proceeds from the sale of its stake in French arms maker Thales. Break-even remains an aspiration for this year, with most analysts expecting further operating losses. A pension deficit and creaking balance sheet are further concerns. However, of the pair Alcatel-Lucent is perhaps better placed for an ultimate turnround – assuming that it survives the restructuring. Demand from telecoms operators for hardware to supply broadband and video should eventually deliver profits.