Tellabs Reports Q1 sales of $223 million, Announces Job Cuts

Tellabs reported Q1 revenues of $223 million and a net loss of $43 million, or $0.10 per share. This compares to Q4 2002 net revenue of $313 million and a Q4 net loss of $84.5 million or $0.21 per share
Tellabs ended Q1 with more than $1 billion in cash and marketable securities.


Tellabs also announced plans to reduce its ongoing operating expenses to $125 million per quarter by Q4. The plan includes the layoff of 665 employees, or 14% of its workforce, starting in April. To drive revenue growth, Tellabs will continue to reallocate product development resources to current and future markets such as IP and data. Tellabs will also focus more on sales growth in Eastern Europe, China and other countries in Asia.
http://www.tellabs.com