The mobile phone maker lost a staggering $3.6 billion in the fourth quarter of 2008; sales were down too, by 26 percent, or totaling just $7.1 billion. The phone unit suffered the highest revenue decline – Motorola sold half the number of devices as compared to the same quarter in 2007.
Projections for the coming year are nothing less than dismal.
In light of its financial problems, Motorola said it’s suspending its dividend and also announced the “departure” (think of it as more of an ouster) of CFO Paul Liska. Liska joined Motorola barely one year ago. Corporate controller Edward Fitzpatrick is stepping in as interim CFO.
Motorola’s stock had fallen more than 12 percent by mid-morning Tuesday, trading at $3.98.