Motorola is to slash another 9,400 jobs over the next 12 months as it battles to meet Wall Street profit targets for 2002.
The cuts bring the total number of losses at the company over the last two and a half years to 42,900, representing almost a third of its workforce.
The news follows Motorola's announcement that it is on target to meet expectations for the fourth quarter of 2001, and will meet Wall Street predictions for next year.
Almost half of those to lose their jobs have been told, but others will have to wait and see. It is known, however, that 4,000 of the latest cuts will be from Motorola's struggling semiconductor unit. The remaining 1,300 will be cut from equipment manufacturing operations.
The company warned that the loss in the first quarter of 2002 could be in the 11 to 14 cents a share range, considerably larger than the average three cents a share loss which analysts had been suggesting, according to research firm First Call.
Motorola said that spending cuts on telecoms equipment will see sales fall by between five and 10 per cent next year, but claimed that the reductions will produce a cost structure that allows the company to remain in the black.
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