Thursday, April 17, 2003
Motorola lowered industrywide growth expectations for cell phones and chips in 2003 and said it expects to cut more costs, including 3,000 additional jobs.
Motorola said it plans to save $3 billion more in costs in 2003 and 2004 by improving production processes, lowering purchasing costs of materials and services and improving the quality of its operations, hardware and software. It expects to realize about 25 percent to 30 percent of the savings this year, with the rest in 2004.
"Motorola's treading water here. It's not getting any worse. It's not getting any better," said SoundView Technology analyst Matthew Hoffman, who rates the stock "outperform."
"It's definitely a story which is going to take time to evolve during the course of the year," he added. "They have a lot riding on their product launches in the second half of the year."
By: DocMemory
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