Tellabs shares fall on sales forecast
By Sandra Guy
Tuesday, April 22, 2008
Tellabs' shares fell the most in nearly two years Tuesday after
the Naperville-based manufacturer of wireless phone equipment
forecast second-quarter sales that may fall below analysts'
The company forecast the sales at $425 million to $445 million,
compared with $534.5 million in the year-earlier quarter.
Analysts have forecast sales of $472.3 million.
Tellabs' stock fell 75 cents, or 12 percent, to $5.27 this
CEO Rob Pullen said slowing orders from wireless phone carriers
and the weak economy have hurt sales.
Tellabs' net income dropped to $16.6 million, or 4 cents a
share, from the year-ago quarter's $25.5 million, or 6 cents a
share. Revenue increased 2.7 percent, to $464 million.