Business Services Industry
Motorola to cut 3,500 jobs.(Briefs)
Crain's Chicago Business, January, 2007
Motorola CEO Ed Zander said the cell phone maker will cut 3,500 jobs, or 5% of its workforce, as it moves to improve operating costs after a disappointing fourth quarter. Mr. Zander, speaking to analysts, said the move will save the company about $400 million over two years. The cuts are to be spread across the company and completed in the first half of 2007.
The world's No. 2 handset manufacturer also said it will beat Wall Street estimates for 2007 sales by as much as $3 billion, forecasting a full-year total of $46 billion to $49 billion. Analysts had predicted sales of $45.9 billion. The announcements sent the company's stock surging despite a fourth-quarter earnings report that showed profit down 48% from a year earlier on a stumble in operating results from...
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