Motorola Inc. said Wednesday it is cutting an additional 4,000 jobs.
The move is in an effort to cut costs and return to profitability, and Motorola said in a statement it would save $600 million next year as a result. The company also said it would tighten general and administrative expenses.
The mobile phone maker announced in January that it would cut 3,500 jobs and said Wednesday those layoffs will be completed by the end of June.
“Long-term, sustainable profitability is and always has been Motorolas top priority, said Tom Meredith, CFO of the company. We are confident that the steps we are announcing today, together with the actions that we have outlined previously, will further improve the companys financial and operational performance and create value for our stockholders.
Motorola recently posted its first quarterly loss since 2004 as it has seen sales of its wireless devices slip. It shipped 20 million fewer handsets during the first quarter this year compared with 2006.
The company said that these moves will incur a charge of about $300 million or 8 cents a share.
Motorola Inc. www.motorola.com
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November 13 2019 @ 17:15:01 UTC