Telecommunications equipment maker Tellabs today said its third-quarter net income fell to a loss as it slashed expenses and cut jobs amid reduced customer spending.
The Lisle, Illinois-based company saw its results, including one-time items, plunge to a loss of $49.47 million, or 12 cents a diluted share, compared with a profit of $187.3 million, or 45 cents a diluted share, last year.
One-time items included a $50 million restructuring charge announced in August, a gain of $6 million from the sale of stock and a write-down of $19 million in technology investments.
Officials pointed to stability in orders, but nevertheless declined to provide any guidance for the fourth quarter, citing an inability to predict business.
"We are encouraged to see greater stability in our US customers' recent order patterns", President and Chief Executive Mr Richard Notebaert said in a statement.
He said more than 10 per cent of third-quarter sales were generated by new products, including its Titan 6000 series of optical switches that help connect voice and data traffic to the proper destination.
Net sales in the third quarter declined to $448.2 million from $812.1 million.