Motorola cuts 7000 to reduce cost structure
Because it is expecting to take charges of roughly $3.5 billion during the second quarter, Motorola slashed 7000 more jobs. The cuts are expected to reduce the company’s cost structure by more than 20%.
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Industry observers were not expecting the company to report such drastic charges and cut as many jobs heading into the second quarter. Since August, Motorola has cut its work force by more than one-third. The company maintains the latest actions would end its cost reductions and job cuts going forward.
Regardless of the negative news, Motorola announced it would meet or even beat its expectations for the second quarter. The company expects to report a second-quarter loss of 4 cents a share, excluding special items, and meet or exceed its expectations for $6.4 billion in sales.
--Kelly Carroll, Staff Writer
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© 2012 Penton Media Inc.
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