Motorola net dips 45% to $968 mn
Motorola, the world’s second-biggest maker of mobile phones, said third-quarter profit fell 45% and sales trailed the company’s forecast, sending the shares down 7.5%.
NEW YORK: Motorola, the world’s second-biggest maker of mobile phones, said third-quarter profit fell 45% and sales trailed the company’s forecast, sending the shares down 7.5%.
Net income dropped to $968 million from $1.8 billion, a year earlier, when a tax benefit and an asset sale added to profit, Motorola said on Tuesday in a statement. Revenue advanced 17% to $10.6bn, missing a prediction for as much as $11.1 billion.
Sales rose at the slowest pace in five quarters as Schaumburg, Illinois-based Motorola battled larger rival Nokia in emerging markets including India and China.
Motorola shipped 53.7million phones in the quarter, falling short of its 55 million goal, said Ron Garriques, who heads the company’s mobile-phone unit, in an interview.
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