Motorola (MOT), the cult stock of losers and former target of Carl Icahn’s wrath, posted poor earnings yet again.
For the first quarter, revenue at the handset and telecom equipment company was $5.371 billion down from $7.448 billion in the period last year. Its net loss went from $194 million to $231 million. At least the company has cash on its balance sheet–$6.1 billion in cash and sigma funds.
The once-mighty handset division only shipped only 14.7 million handsets. Net sales in the handset operation fell 45% to $1.8 billion and the unit had an operating loss of $509 million. Just over a year ago, Motorola planned to spin this business off to shareholders. There is no chance of that now.
Motorola’s other two divisions made money, but revenue and operating profits fell at both. Revenue at the homes and networks division fell16% to $1.991 billion and op income dropped 25% to $115 million. Revenue at the enterprise solutions business fell by 11% to $1.559 billion and op income was off by38% to $156 million.
To put a point on it, Motorola is slowing disappearing.
Douglas A. McIntyre
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