Motorola posts smaller fourth-quarter profit
NEW YORK (Reuters) - Motorola Inc on Wednesday posted a smaller quarterly profit and said a recovery in its mobile devices business would take longer than expected.
Motorola, which has been losing market share to rivals, said fourth-quarter profit was $100 million, or 4 cents per share, compared with $623 million, or 25 cents a share, a year earlier. Revenue fell to $9.65 billion from $11.8 billion.
The world's third-biggest mobile phone maker said it had sold 40.9 million phones during the quarter.
Chief Operating Officer Greg Brown became chief executive on January 1 after Ed Zander stepped down following criticism of Motorola's phone line up and its lack of a popular successor to the once lauded Razr phone.
Motorola shares have fallen about 53 percent since October 2006, when the company started to disappoint investors. The stock closed off 7 percent at $12.32 on New York Stock Exchange on Tuesday.
(Reporting by Sinead Carew; Editing by Lisa Von Ahn)