Motorola to Cut 4,000 Jobs in Semiconductor Products Division

Motorola (MOT Quote - Cramer on MOT - Stock Picks) is cutting 4,000 jobs in its semiconductor products division, in what the company described as a continuation of the cost-cutting measures that started in the fourth quarter.

Shares of Motorola lost 82 cents, or 4.1%, to $19 in recent New York Stock Exchange trading.

The company also plans to implement a "substantial reduction" in capital spending and operating budgets, along with additional business and manufacturing consolidations. Motorola said the workforce reduction will be achieved by ending the assignments of contract and temporary employees, attrition and severance programs.

Motorola has about 147,000 employees, according to data from Market Guide.