Motorola Loses $397M in Q3

Motorola vice president and China mobile terminal business general manager Ren Weiguang said on Thursday that he intends to resign this week. Motorola China president Gao Ruibing will serve as general manager in the interim.
Ren joined Motorola in April, 2004, is responsible for all China GSM-related businesses, but the badly performeance of mobile phone business become the the main reason for Ren’s leaving.
The company reported revenue of $7.48 billion for the three months ended Sept. 27, down from $8.81 billion for the year-earlier quarter, and made a net loss of $397 million, a sharp drop from its net profit of $60 million a year earlier. The company losses amounted to a loss of $0.18 per share. Analysts polled by Thomson Reuters had expected earnings of $0.02 per share.
Revenue from mobile devices totalled $3.1 billion for the third quarter, down 31 percent from a year earlier, while the division’s operating loss ballooned to $840 million from $248 million a year earlier. The quarter’s losses include charges related to the company’s plans to simplify its product portfolio and the software platforms it uses.

