Motorola announces 9,400 more layoffs

Motorola announces 9,400 more layoffs

Motorola, grappling with continuing losses, on Tuesday announced 9,400 layoffs to happen over the next year that will come on top of more than 30,000 job cuts already made or announced since last year.

Also Tuesday, the company said it expects to post a pro-forma loss of between US$0.11 and $0.14 per share in the first quarter of 2002. Analysts polled by Thomson Financial/First Call had expected the company to post a loss of $0.03 per share.

During its fourth quarter, Motorola notified "an additional" 4,100 employees companywide that their positions would be eliminated, Motorola said in a statement. The company will also phase out manufacturing facilities in its Semiconductor Products Sector, in addition to cutbacks already announced this year, resulting in the elimination of about 4,000 positions in that group. Motorola will also lay off an additional 1,300 employees in its equipment manufacturing businesses, the company said.

With the addition of the latest figures, Motorola will have eliminated 42,900 jobs and transferred 5,500 employees by the end of 2002, the company said. In August 2000, Motorola had 150,000 employees.

On a somewhat brighter note, Motorola said it still expects to achieve its previously estimated revenue and loss per share for the fourth quarter of 2001. At the end of the third quarter, the company said it expected a pro-forma loss of between $0.04 and $0.05 per share.

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