Motorola Posts Largest Net Loss Ever

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Last updated at: (Beijing Time) Thursday, July 18, 2002

Motorola Posts Largest Net Loss Ever

Motorola Inc. on Tuesday posted its biggest net loss in company history, but before its restructuring charge the world's second-largest mobile telephone maker topped analysts' expectations.

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Motorola Inc. on Tuesday posted its biggest net loss in company history, but before its restructuring charge the world's second-largest mobile telephone maker topped analysts' expectations.

Including a previously disclosed $3.4 billion pretax restructuring charge, or $2.4 billion after taxes, Motorola's net loss in the second quarter was $2.3 billion, or $1.02 a share, compared with a net loss last year of $759 million, or 35 cents a share. The restructuring charge was largely for job cuts and asset write-downs.

Motorola officials repeated that this largely completes the company's restructuring.

Excluding the restructuring charge, the Chicago area-based company topped Wall Street's expectations by reporting a profit of $48 million, or 2 cents a share, compared with a loss of $238 million, or 11 cents a share, in the year-earlier period. Analysts had expected Motorola, founded in 1928, to report a profit before charges in the third quarter of this year.

Analysts on average expected a loss before one-time items of 4 cents a share, according to Thomson First Call, with loss estimates ranging from a penny to 5 cents.

Source: Agencies

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