Motorola Reports Quarterly Loss of $3.6 Billion – Seeks Replacement CFO

February 4, 2009 at 14:35 Leave a comment

Motorola has reported that it generated sales of US$7.1 billion in the fourth quarter of 2008 – and a net loss of US$3.6 billion, driven mainly by write-downs of goodwill and an increase in deferred tax asset valuation reserves. During the quarter, the Company generated positive operating cash flow of $201 million.For the full year 2008, sales were $30.1 billion, and the net loss was US$2.4 billion.The Company’s outlook for the first quarter is a loss of around US$250-$300 million. This outlook excludes charges associated with the Company’s operating expense reduction initiatives, as well as any other items of the variety typically highlighted by the Company in its quarterly earnings releases.

The Company also announced today that its Board of Directors voted to suspend the declaration of quarterly cash dividends on the Company’s common stock, effective immediately. The Board believes suspending the dividend will further strengthen the Company’s balance sheet and enhance its financial flexibility.

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Entry filed under: Financial, Mobile Industry News, Mobile News, Motorola, Wireless Industry News, Wireless News. Tags: , , , , , .

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