Motorola reports Q4 net loss of $3.6 billion; 51 percent decrease in handset sales

Motorola reported sales of $7.1 billion in the fourth quarter of 2008, a net loss of $3.6 billion, or $1.57 per share. Conditions were similar for the company's full year report. In 2008, sales were $30.1 billion, a net loss of $1.84 per share.

Its mobile handset division saw sales drop to $2.35 billion in the fourth quarter, a 51 percent decrease since Q4 2007. For the full year, handset sales were $12.1 billion, a 36 percent decrease. The company shipped 19.2 million handsets and says it held 6.5 percent of the global market.

As previously reported, the company is continuing with plans to implement cost-reduction actions of $1.5 billion for 2009. Motorola also announced that Edward J. Fitzpatrick, senior vice president and corporate controller has been named to the additional role of acting CFO, replacing Paul Liska, while the company searches for a permanent replacement. Also, Motorola's Board of Directors voted to suspend the declaration of quarterly cash dividends on its common stock, effective immediately.