As Brian White discussed in his earnings preview, analysts had been expecting to see another disastrous quarter for Motorola Inc. (NYSE: MOT) and that morning’s earnings figures confirmed those expectations. The cell phone maker reported that its fourth-quarter profit plunged 84%, hurt by weak wireless phones sales and a deep loss in its handset division.

Net profit sank to $100 million, or 4 cents per share, down from $623 million, or 25 cents, a year earlier. Net profit from continuing operations was 5 cents. Included in the company’s numbers were charges of 9

cents related to asset write-downs, layoffs and a legal settlement.

Excluding one-time items, Motorola would have earned 14 cents, a penny above analysts’ expectations.

Motorola plus posted a decline in its quarterly sales which slipped to $9.65 billion from $11.79 billion a year earlier. Analysts forecast a revenue of $9.6 billion for the quarter, according to Thomson Financial.

Continue reading Motorola (MOT) fourth-quarter profit plunges 84%

Original post by Eliza Popescu

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