Motorola Chops More Jobs
Motorola Inc. (NYSE: MOT) said today that it will cut a further 7,000 jobs worldwide but reaffirmed its guidance for the second quarter, saying it expects to meet or beat its revenue target of $6.4 billion.
The handset, network equipment, and semiconductor manufacturer has eliminated nearly a third of its work force since August 2000, when it had 150,000 employees. However, the firm says that once it culls (whoops, downsizes) this latest round of luckless employees, the worst will be over.
"The restructuring will be substantially completed when the steps we are announcing today are fully implemented. This means our businesses will be sized to today's economic environment and our assets will reflect today's market values," said Ed Breen, Motorola's president and chief operating officer in a statement.
Today's economic environment is not up to much, following the latest reports from the Bernie Ebbers school of accounting, so we hope Motorola's "adjusted" assets will include a car radio and a single bar heater to keep the staff warm.
— Dan Jones, Senior Editor, Unstrung