(Reuters) – Tellabs Inc said it will cut 530 jobs — its second such move in six months — as the network equipment maker tries to cut costs and return to profitability.
The company, which posted a loss for the fifth straight quarter on Tuesday, will take a charge related to the job cuts in the first quarter.
Shares of Tellabs, which have lost more than 40 percent of their value since reporting a surprise loss for the fourth quarter of 2010, fell as much as 6 percent to $3.92 in morning trade on the Nasdaq.
On a conference call with analysts, Tellabs said it will shut down its facilities in Petaluma, California; Vancouver, Canada; Bangalore, India and Karachi, Pakistan.
The restructuring, which will continue till the first quarter of 2013, is likely to yield $100 million in cost savings for Tellabs.
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