Motorola Mobility guidance disappoints, shares fall
Motorola Mobility
The company gave a third-quarter bottom line target ranging from break even to 10 cents per share, excluding unusual items.
This looked a lot weaker than Wall Street had been expecting, said Charter Equity Research analyst Ed Snyder, who cited expectations for 24 cents per share.
It's all lining up to be a weak quarter that's going to ripple though to the end of the year, he said.
It forecast 2011 earnings in a range of 48 cents to 60 cents per share, which Snyder said was also below expectations.
The company reported a loss of $56 million, or 19 cents per share, compared with a profit of $80 million, or 27 cents per share, a year earlier. Revenue rose to $3.3 billion, beating the average analyst estimate of $3.12 billion, according to Thomson Reuters I/B/E/S.
Motorola said on Thursday it shipped 4.4 million smartphones in the quarter, in line with the expectations from six analysts contacted by Reuters.
It's also sold 440,000 tablet computers, ahead of analyst expectations for about 366,000.
Motorola shares fell nearly 6.6 percent to $21.39 in after hours trading after closing down nearly 4 percent at $22.91 on the New York Stock Exchange.
(Reporting by Sinead Carew; editing by Robert MacMillan and Andre Grenon)
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