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Cell phone maker Motorola Inc. on Wednesday said net profits fell sharply in the fourth quarter, and it warned that the recovery in its struggling handset unit will take longer than expected.
Motorola reported a net profit of $100 million, or 4 cents per share, compared to a year-earlier profit of $623 million, or 25 cents per share. Sales fell to $9.65 billion from $11.79 billion a year earlier.
On a continuing operations basis, Motorola reported a profit of 5 cents per share. That figure includes charges of 9 cents per share for asset write-downs, layoffs and a legal settlement.
Analysts polled by Thomson Financial, on average, expected earnings per share of 13 cents on revenue of $9.6 billion for the quarter.

Labels: MOT, Motorola Inc.