Motorola Mobility slides to loss; revenues up
Motorola Mobility yesterday reported a GAAP net loss in the third quarter of $32 million, or 11 cents per share, compared with a net loss of $34 million, or 12 cents per share, in the third quarter of 2010. Total revenues were up 11 percent to $3.3 billion.
The company did not host a conference call to announce its results, but a press release showed the company shipped a total of 11.6 million mobile devices, including 4.8 million smartphones and about 100,000 Motorola Xoom tablets. In the third quarter of 2010, the company shipped 9.1 million mobile devices, including 3.8 million smartphones.
Mobile device net revenues in the third quarter were $2.4 billion, up 20 percent compared with the year-ago quarter.
“Our third-quarter revenues in mobile devices increased by 20 percent, driven by continued strong growth in international markets,” said Sanjay Jha, chairman and CEO of Motorola Mobility. “With the recent launch of our iconic Motorola Razr, we now have several 4G LTE devices in our portfolio.”
The company said it incurred $18 million in expenses related to the proposed merger with Google. The company will hold a special meeting of stockholders on Nov. 17 to seek stockholder approval of the proposed merger with Google, and the company said antitrust clearances are still pending in a number of countries, including the U.S.
The transaction is expected to close by the end of 2011 or early 2012.
Shares of Motorola Mobility were flat in early morning trading at $39.03.