US mobile equipment manufacturer Motorola has announced a record Q2 net loss of $2.3 billion. The loss includes a $2.4 billion after-tax charge for its restructuring plan, which involves 7,000 job losses.
This is the biggest net loss that Motorola has ever posted. Its previous biggest net loss was in Q3 1998, at $1.3 billion.
Motorola announced the job cuts on June 27 after struggling with the industry-wide slump in demand. Excluding the charges, Motorola made a Q2 profit of $48 million, compared to a loss of $238 million for the same period last year.