Motorola Inc. posted a loss of $3.6 billion in the fourth quarter, suspended its quarterly dividend and named Edward Fitzpatrick as its new chief financial officer Tuesday.
The company was hurt by a decline in sales, according to analysts. Reuters noted the company fell to the fifth place in the international cell phone market.
Motorola's net loss is equivalent to $1.57 per share. It earned $100 million or 4 cents a share in the fourth quarter of the previous year.
Revenue in the fourth quarter was $7.1 billion, compared to $9.65 billion from the same period a year ago.
It replaced former CFO Paul Liska for Fitzpatrick effective immediately but it didn't explain reasons.
The Company also announced today that its Board of Directors voted to suspend
the declaration of quarterly cash dividends to further strengthen the Company's balance sheet and enhance its financial flexibility, Motorola said in a statement today.