This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Motorola Warns Again

Motorola (MOT) added its voice to the tech sector's chorus of boos Thursday as it warned of a third-quarter revenue shortfall.

The struggling wireless equipment maker projected that third-quarter revenue would be flat with the second quarter's $7.5 billion, due to continuing softness in the end markets for mobile phones, wireless base station equipment and chips. When the company delivered its third-quarter outlook on July 12, it projected a 5% sequential rise; accordingly, analysts had projected third-quarter revenue of $7.8 billion.

Motorola shares dropped 9% to $14.95.

Motorola projected a third-quarter loss of 5 cents to 8 cents a share, slightly wider than earlier projections by the company and the analysts who love it. The company said efforts in its mobile-phone and large satellite and radio-systems business will narrow the third-quarter loss from the second quarter's 11 cents a share. Motorola, which has been aggressively cutting costs, also said it would cut an additional 2,000 jobs from the wireless-systems business; it has laid off 32,000 workers companywide in 2001.

Earlier this week, similarly beleaguered competitor Ericsson (ERICY) warned investors it did not expect to see a recovery in the wireless market through 2002.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%
YHOO $44.52 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs