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- Motorola takes $90 million charge for 1,600 layoffs
Motorola takes $90 million charge for 1,600 layoffs
- By Katrina V. Dayrit
- Published 01/5/2008
- Business News
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Katrina V. Dayrit
View all news stories by Katrina V. Dayrit
Motorola disclosed Friday, in a filing with the Securities and Exchange Commission, that it is taking a fourth-quarter pre-tax charge of about $90 million for severance costs for 1,600 employees whose jobs were cut. The 3rd largest mobile phone manufacturer announced in May plans to cut 7,500 jobs and reduce annualized costs by $1 billion through the end of 2007 and 2008. In the first nine months of 2007, Motorola took charges of $311 million related to severance costs for about 5,100 employees. In October, Motorola reported a 94% drop in third-quarter profit after a loss earlier in the year.