Tellabs Inc.(TLAB) late Friday told the Securities and Exchange Commission it’s restructuring – code for laying off more employees.
The communications equipment maker on Jan. 27 reported lower sales than Wall Street expected, but its net income actually had increased. The jump resulted from a one-time tax gain though, and given Tellabs’ projection that it will bring in about $40 million less than forecast, management appears to be bracing the company for a steep earnings drop.
Tellabs said it should complete the layoffs – 60 in all – by the end of the second quarter.
