Motorola to Cut 3,000 JobsCategory: Manufacturers
Posted: November 2, 2008 11:09AM
Last week, Motorola reported a $397 million loss in third-quarter earnings. The huge loss prompted Motorola's co-CEOs Greg Brown and Sanjay Jha to tell analysts that the company would cut costs by $800 million in 2009. What they failed to mention was that these cuts would require layoffs. On Friday, Motorola confirmed that about 3,000 workers will be let go, with the majority of them (over two-thirds) coming from the handset division. Motorola has been losing market share and hemorrhaging money, so the layoffs and cost cutting isn't a surprise to analysts. That still isn't going to make it any easier to handle for those individuals that will be losing their jobs.