Tellabs Reports 59% Dive in Q2 Profit

Tellabs Inc. (TLAB) stock closed down 1.39 percent, at $5.69, Monday, after the telecom equipment maker reported a net income drop of 59 percent.

Profit in the second quarter fell to $15.7 million, a slide from $39 million during the same period a year earlier. Sales fell, too, to $385 million. That’s 11 percent less than the second quarter of 2008.

Tellabs, like its rivals, has been struggling to stay afloat as the recession prompts carrier customers to cut network infrastructure spending. In response, the company has cut costs with measures including hundreds of layoffs.

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