Motorola reports $3.6 billion loss in Q4

Motorola reports $3.6 billion loss in Q4
It’s a gloomy day right now in Motorola land. The economic conditions have tightened margin profits and caused the one-time giant to report a fourth quarter loss of $3.6 billion, or $1.57 a share. The mobile handset unit was hit hard the most out of all its divisions. There was a 51 percent decline in mobile devices which caused a drop in sales to $2.35 billion. When compared with other mobile manufacturers, the company shipped 19.2 million handsets during the quarter and estimated its global market share at 6.5 percent. In an effort to stop losses and provide positive results, the struggling handset makers will be suspending its dividends and embarking on a cost savings plan. No word yet on what it might entail, but it’s aimed to save $1.5 billion in 2009. Other highlights during their quarterly conference call included their continued support for Windows Mobile platform and emphasis on producing an Android powered device.

source: mocoNews via engadgetmobile

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