Tellabs (NASDAQ:TLAB), which produces telecommunications equipment, is cutting yet more jobs in an attempt to hang on amidst red ink and a continuing drought in telecommunications spending. It marks the eighth time in under three years that it has reduced its workforce.

The latest round will leave 370 folks, or around 10% of the company's existing employees, jobless. Following the cuts, Tellabs will have around 3,450 employees. That's a painful decline from the 8,900 it employed in April 2001. It's also a stinging reminder of the lack of telecom equipment spending over the last few years.

Additionally, Tellabs is closing a development center in Canada, and may outsource its international manufacturing. That doesn't bode well for the 300 people working in the company's plant in Finland.

Tellabs isn't alone, though, in its moves to reduce its head count and trim costs. Earlier this week, Verizon (NYSE:VZ) announced buyout offers to 74,000 managers. That development came not long after its recent earnings warning.

All in all, times are still tough for telecommunications companies. Unfortunately, there doesn't appear to be anything imminently on the horizon to change their fortunes.