Motorola CFO Thomas Meredith said the company "would announce additional downsizing and restructuring" on either May 30 or May 31, according to a research note from analyst Todd Koffman of Raymond James and Associates. The analyst said Motorola is aiming to reap cost savings that are "at least as large" as the $400 million it cited when it announced slashing 3,500 jobs at the beginning of the year. A Motorola spokesperson said the company has not announced any new cost-cutting initiatives, but that it would by the end of the quarter.
Motorola had a big week as it unveiled its next set of handsets, including a new RAZR 2, the Z6 and some new Motorola Qs. The pomp and hype of the handset launch aimed to rally the troops since the company's stock has fallen some 13 percent since the beginning of the year.
For more on Motorola's reported layoffs:
- see this report [1] from Chicago Business
Links:
[1] http://www.chicagobusiness.com/cgi-bin/news.pl?id=25017