Beleaguered cellphone maker Motorola Inc said it is laying off another 2,600 workers, bringing the company’s total employee cuts to more than 10,000 since last year.
Motorola will take a pretax charge of about US$104 million in the first quarter for severance costs from the new layoffs, the company said in a filing on Thursday with the US Securities and Exchange Commission.
The Schaumburg, Illinois-based company said US$113 million in severance charges will be partly offset by US$9 million in reversals for accruals from prior periods that are no longer needed.
Last week, Motorola bowed to pressure from investors and announced that it would split off its troubled cellphone business and form two separate, public companies.
In January last year, Motorola said it would eliminate 3,500 jobs as part of a two-year cost-cutting plan to save US$400 million.
The company announced cuts of another 4,000 jobs last May with hopes of improving its sagging financial and operational results.
The world’s No. 2 handset maker has eliminated more than 10 percent of its work force since the start of last year, when it became clear that two years of strong momentum behind the firm’s popular Razr phone had collapsed.
Motorola’s shares slid US$0.12 to US$9.65 in after-hours electronic trading on Thursday.
The stock had closed up US$0.16 at US$9.77 in the regular session.
The company is expected to release its full first-quarter financial results on April 24.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
RSS