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Motorola posts miserable Q4 results, ousts CFO

4 Feb 2009

Mobile phone manufacturer Motorola reported yet another disastrous quarter of financial results Tuesday that sent the struggling company's stock plummeting 11% to US$4.03 per share in mid-day trading.

Motorola reported a $3.6 billion loss, down from $100 million in earnings during the fourth quarter of 2007. Fourth-quarter revenue was $7.1 billion, down 26% from $9.6 billion during the same period in 2007.

The company sold 19.2 million phones worth $2.35 billion during the fourth quarter, down 51% compared to the same period in 2007.

The poor financial results, which were even worse than Wall Street expected, took its toll in other ways. Motorola's board of directors voted to suspend its shareholder dividend.

Also, Motorola's chief financial officer, Paul Liska, was fired. Motorola gave no explanation for Liska's removal. Edward J. Fitzpatrick, the company's senior vice president and corporate controller, was appointed acting CFO.

Motorola forecasted a loss for the current quarter of 10 cents to 12 cents per share.

Read the full article here.