Motorola will cut 7,000 more jobs as an upturn in the depressed technology and telecommunication markets continues to be elusive. The move will almost end its massive downsizing project, which will result in a $3.5 billion charge for the company.
The world’s second largest mobile phone maker has cut its workforce by over one-third from 150,000. The reduction takes the company’s size back to its 1995 level. The latest cut will reduce its current workforce by 7% and it will affect all of its businesses and corporate headquarters.
The charges will reduce Motorola’s net income for this year by $1.10 per share. However, it is still expecting to achieve a profit before special charges of at least 4 cents per share.