Motorola posts massive loss as handset sales plummet

February 4, 2009 at 16:56 Leave a comment

US-based equipment manufacturer Motorola has reported a massive USD3.58 billion loss for the fourth quarter of 2008 caused by large write-downs and restructuring costs as the firm attempts to turn its business around. In the same period in 2007 Motorola saw a net profit of USD100 million. Turnover for 4Q 2008 dropped 26% year-on-year to USD7.14 billion, with the company saying this was ‘primarily attributable to lower sales of mobile devices’. It shipped 19.2 million handsets in the three months to end-December 2008, less than half the 40.9 million shipped a year before. The vendor is predicting further losses in 1Q 2009. Meanwhile, Motorola has also announced the departure of chief financial officer Paul Liska. Senior VP and corporate controller Edward Fitzpatrick has assumed the position of acting CFO until a permanent replacement can be found.

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Entry filed under: Financial, Motorola, USA. Tags: , , .

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