Tellabs and Celestica miss expectations

Telecom equipment maker Tellabs posted a 96% drop in Q1 profits on lower sales. The company announced that it would cut 1,200 jobs, or 18% of its workforce.

Earnings for the quarter fell to $5.3m (€5.9m), or 1 cents a share from $ 122.5m (€137m), or 29 cents a share, a year ago. Revenues fell to $371.5m (€417m) , a drop of 52%, lower than Wall Street expectations. In August, 2001 the company shut its Drogheda plant with the loss of around 200 jobs. It employs around 450 people in its R & D centre in Shannon.