Motorola loses $3.2 billion in one quarter

Motorola has posted an enormous loss of $3.2 billion for the final quarter of 2008. The figure included falling sales, but also took into consideration non-cash charges for goodwill write-downs and an increase in a deferred tax reserve, said the Fierce Wireless website.


Following the announcement the chief financial officer, Paul Liska, stood down and his position was taken over by Edward Fitzpatrick, a senior vice president and corporate controller.


Other news included the company's determination to disconnect the handset division from the rest of the company. But that move will be delayed whilst the handset division is in such financial turmoil - figures also show that sales dropped by more than half over the course of 2008.


These published results follow January's announcement of 3,000 job cuts which, says Motorola, will save the company $1.5 billion during 2009.


Click to read the Fierce Wireless story

Written by Mobile Choice
Mobile Choice

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