11/10/2001

Motorola cuts a further 7,000 jobs

Mobile phone maker Motorola is set to axe a further 7,000 jobs worldwide bringing the company’s total job cuts to 39,000 since the start of the year.

Motorola chief Robert Growney revealed that around 4,000 of the latest losses were associated with sold businesses, with a further 3,000 earmarked for loss through cuts and attrition.

The announcement came as the firm forecast it was heading for its fourth successive quarter in the red, and a day after it revealed it had run at a loss of £105 million in the July to September quarter.

The company forecast on Wednesday October 10 that chip sales across the industry would slump by more than one quarter during 2001, but rise five per cent next year and 10 ten per cent in 2003.

It also estimated that mobile phone sales, which analysts once estimated would reach £600 million this year, could fall to £380-400 million across the industry.

The firm said while the July-to-September loss equated to seven cents per share it expected to lose the equivalent of 4-5 cents per share in the last three months of the year. (MB)

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