Tellabs announced fourth-quarter 2007 earnings that were marked by declining net income, but slightly better than anticipated revenue. The company also announced it is cutting about 225 jobs in an effort to save about $100 million. The company's fourth-quarter revenue figure was about $469 million, about $10 million better than Wall Street expectations, but overall net income fell to $6 million in the fourth quarter from about $29 million for the same quarter last year.
Out-going Tellabs CEO Krish Prabhu also said the company would be ready to name his replacement by his scheduled departure date of March 1. Tellabs was at the center of M&A rumors last summer, and though the chatter died down during the fall, one analyst suggested last week that Tellabs could be acquired this year.
For more:
- check out this coverage at Light Reading
Related articles:
- Is the time right for Tellabs to be acquired?