Motorola (MOT) to Cut 4,000 More Jobs; Guides Q4
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Motorola, Inc. (NYSE: MOT) today announced further cost reduction actions, primarily associated with the Company's Mobile Devices business.
Motorola will further reduce its workforce in 2009 by approximately 4,000 positions. This reduction will include approximately 3,000 positions associated with the Mobile Devices business and approximately 1,000 positions associated with corporate functions and other business units. The workforce reductions announced today are expected to begin immediately and are incremental to the 3,000 workforce reduction actions previously announced during the fourth quarter of 2008.
Today's workforce reductions, plus other incremental cost-reduction initiatives, including those announced on December 17, 2008, are expected to result in additional annual cost savings of approximately $700 million in 2009. The savings from these actions, together with the $800 million of savings from other actions announced during the fourth quarter of 2008 are expected to result in aggregate cost savings of $1.5 billion for the Company in 2009.
Sees Q4 sales of $7-$7.2 billion, with GAAP loss of $0.07-$0.08. The Street is expecting Q4 sales of $7.51 billion and adj-EPS of $0.03.
Motorola, Inc. provides technologies, products, and services for mobile communications worldwide.
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