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Microsoft exploring work force reduction, Motorola cutting 4,000 jobs in 2009, Apple CEO on health leave
Microsoft exploring work force reductions: report
Microsoft Corp (MSFT.O) is exploring work force reductions, the Wall Street Journal reported on Wednesday. Highlights:
* Jobs cuts could be announced next week-- report says
* Cuts likely less than 15,000 rumored; report cites people familiar with plan
Motorola to cut 4,000 more jobs in 2009
By RYAN NAKASHIMA
LOS ANGELES – Mobile handset maker Motorola Inc. said Wednesday it will cut 4,000 more jobs in 2009, in addition to 3,000 it announced in October.
The company said the move will save about $700 million a year starting in 2009, and total $1.5 billion in annual savings when combined with the previous cut.
Most of the new layoffs will hit the mobile devices business, while about 1,000 jobs are tied to corporate functions and other business units.
The move is the latest in cost-cutting measures by Motorola, which has been struggling to revive its business in recent years. When the cuts are complete, around 12,000 workers will have left the company since December 2007 when there were 66,000 employees, an 18 percent reduction. Last month, it announced it was freezing its pension plans and reducing executive pay.
The Schaumburg, Ill.-based company also said Wednesday it expects revenue for the fourth quarter to be between $7 billion and $7.2 billion, as it saw continued weakness in consumer demand and customer inventory reductions.
Analysts polled by Thomson Reuters expected, on average, $7.5 billion in revenue.
Shipments in the quarter hit around 19 million units, Motorola said. That's down 25 percent from the third quarter — a rare and steep decline for the holiday season — and off a whopping 54 percent from a year ago.
"It's not supposed to happen that way," said analyst Pablo Perez-Fernandez with Global Crown Capital, noting the first quarter is usually weaker than the fourth. "We think that things get worse for Motorola before they start getting better."
The company also said it expects a fourth-quarter net loss from continuing operations between 7 cents and 8 cents per share, including 6 cents per share of restructuring costs and other charges. The estimate did not include new charges for the layoffs announced Wednesday, which could widen the loss.
Analysts were looking for a profit of 3 cents per share.
"The actions we are taking today in our mobile devices business will allow us to further reduce our cost structure, and positions us for improved financial performance in 2009," said Motorola's co-chief executive, Sanjay Jha, in a statement.
Motorola shares fell 21 cents, or 4.9 percent, to close at $4.11 Wednesday, and were unchanged in after-hours trading following the announcement. The shares have lost more than 70 percent of their value since this time last year.
Douglas Ireland, an equity research associate at JMP Securities, said the company has failed to duplicate the success of the Razr phone, which came out in 2005, and is having continuing difficulties organizing a comeback.
The latest in its series of products, an iPhone look-alike with a touch-sensitive screen, the MotoSurf A3100, was unveiled at the International Consumer Electronics Show in Las Vegas earlier this month, but it has yet to secure a carrier. The company said it is expected to start selling in Asia and Latin America by March.
In October, the company announced it would cut 3,000 jobs by April, most of them from the cell phone unit, and said it would focus on just three software systems: Microsoft Corp.'s Windows Mobile; P2K, its own system used on the Razr phone; and Android, a free operating system from Google Inc.
Jha said Motorola will have an Android phone by the 2009 holiday season.
"Their new strategy for Android-based phones may be a winner but it is at least two or three quarters from bearing fruit, which is an eternity on Wall Street," Ireland said.
Analyst Edward Snyder, the principal of Charter Equity Research, said Motorola has fallen far since 2006 when it was the No. 2 handset maker behind Nokia Corp.; it's now fighting for fifth place with Sony Ericsson.
He said the company was in a "handset death spiral" where it must churn out new models, even unprofitable ones, to maintain its relationship with mobile phone carriers.
"There's been no handset company that's ever turned it around," Snyder said. "They're down 28 or 30 points in the fourth quarter of the Super Bowl. They can still pull it out, but it's going to be a vastly smaller business than where it started."
Apple CEO Jobs backtracks on health, takes leave
SEATTLE - Apple Inc. co-founder and Chief Executive Steve Jobs said Wednesday he is taking a medical leave until June, even though just a week ago the cancer survivor tried to assure investors and employees his recent weight loss was caused by an easily treatable hormone deficiency.
Apple's stock dropped 7 percent.
Jobs, 53, said in a letter last week that he would remain at Apple's helm despite the hormone problem, and that he had already begun a "relatively simple and straightforward" treatment. But in an e-mail to employees Wednesday, Jobs backtracked.
"During the past week I have learned that my health-related issues are more complex than I originally thought," he wrote.
Apple's shares have surged and crashed over the last year in step with rumors or news about the CEO's health and his gaunt appearance. While the top executive's health is an issue for investors in any company, at Apple the level of concern reaches fever pitch because Jobs has a hand in everything from ideas for new products to the way they're marketed.
Jobs co-founded Apple with Steve Wozniak in 1976 at the dawn of the personal computer revolution. He was forced from the company in 1985 but returned as CEO in 1997, slashing unprofitable product lines and helping rescue the company from financial ruin.
Since then, under Jobs' demanding leadership, Apple has churned out a string of sleek gadgets, from the iMac and the iPod to a new line of aluminum-covered Macbooks and the coveted iPhone. Many investors fear that without Jobs, Apple would not be able to sustain its growth or its high-end minimalist style.
Last week, Jobs said his disclosure of his hormone problem was "more than I wanted to say, and all that I am going to say" about his health. It came on the eve of Macworld, the biggest Apple trade show of the year, and Jobs said he wanted everyone to relax and enjoy the event.
Even so, the limited amount of information in that announcement did little to soothe Wall Street's nerves. Medical experts not involved in Jobs' treatment said it was unclear what was behind his weight loss, but some specialists said Jobs' past pancreatic cancer could be the problem.
Apple's history of keeping information about Jobs' health under wraps is only fueling the speculation. The company waited until after Jobs underwent surgery in 2004 to treat a very rare form of pancreatic cancer — an islet cell neuroendocrine tumor — before alerting investors. That type of cancer is easily cured if diagnosed early, unlike the deadlier and more common adenocarcinoma.
And last summer, Cupertino, Calif.-based Apple insisted Jobs' weight loss was due to a common bug, even as The New York Times cited anonymous sources who said Jobs had undergone "a surgical procedure" to address the problem.
Apple spokesman Steve Dowling would not elaborate on Jobs' condition or what he discovered in the past week.
"They'll tell you the least they can tell you," longtime industry analyst Roger Kay of Endpoint Technology Associates said after Jobs' disclosure Wednesday. "They're trying to have it both ways, to protect their guy's privacy and feelings and at the same time somehow signal the market."
Apple's chief operating officer, Tim Cook, will take over Jobs' responsibilities while he is on leave, though Jobs said he plans to remain involved in major strategic decisions.
Cook is seen as one of Jobs' most likely successors, along with Apple's top marketing executive, Philip Schiller. American Technology Research analyst Brian Marshall — who last week predicted Jobs would step down this year — said Wednesday's announcement tips the bets in Cook's favor.
"The company has been soft-signaling to the Street for a while now that Steve Jobs is not going to be CEO forever," he said. "This will be sort of a trial period for Cook to be chief executive."
Cook, 48, lacks Jobs' charisma and showmanship, but is seen as a solid pick. He ran Apple for two months in 2004 when Jobs was recovering from his cancer surgery.
"Tim Cook is a very experienced and highly regarded chief operating officer," said Calyon Securities analyst Shebly Seyrafi. "He's qualified."
Apple's shares slid $6.18, 7.2 percent, to $79.15 in extended trading after Jobs announced his leave. That left the shares near their 52-week low, well off the high of $192.24 reached over the past year.
___
AP Business Writer Andrew Vanacore in New York contributed to this report.
Microsoft Corp (MSFT.O) is exploring work force reductions, the Wall Street Journal reported on Wednesday. Highlights:
* Jobs cuts could be announced next week-- report says
* Cuts likely less than 15,000 rumored; report cites people familiar with plan
Motorola to cut 4,000 more jobs in 2009
By RYAN NAKASHIMA
LOS ANGELES – Mobile handset maker Motorola Inc. said Wednesday it will cut 4,000 more jobs in 2009, in addition to 3,000 it announced in October.
The company said the move will save about $700 million a year starting in 2009, and total $1.5 billion in annual savings when combined with the previous cut.
Most of the new layoffs will hit the mobile devices business, while about 1,000 jobs are tied to corporate functions and other business units.
The move is the latest in cost-cutting measures by Motorola, which has been struggling to revive its business in recent years. When the cuts are complete, around 12,000 workers will have left the company since December 2007 when there were 66,000 employees, an 18 percent reduction. Last month, it announced it was freezing its pension plans and reducing executive pay.
The Schaumburg, Ill.-based company also said Wednesday it expects revenue for the fourth quarter to be between $7 billion and $7.2 billion, as it saw continued weakness in consumer demand and customer inventory reductions.
Analysts polled by Thomson Reuters expected, on average, $7.5 billion in revenue.
Shipments in the quarter hit around 19 million units, Motorola said. That's down 25 percent from the third quarter — a rare and steep decline for the holiday season — and off a whopping 54 percent from a year ago.
"It's not supposed to happen that way," said analyst Pablo Perez-Fernandez with Global Crown Capital, noting the first quarter is usually weaker than the fourth. "We think that things get worse for Motorola before they start getting better."
The company also said it expects a fourth-quarter net loss from continuing operations between 7 cents and 8 cents per share, including 6 cents per share of restructuring costs and other charges. The estimate did not include new charges for the layoffs announced Wednesday, which could widen the loss.
Analysts were looking for a profit of 3 cents per share.
"The actions we are taking today in our mobile devices business will allow us to further reduce our cost structure, and positions us for improved financial performance in 2009," said Motorola's co-chief executive, Sanjay Jha, in a statement.
Motorola shares fell 21 cents, or 4.9 percent, to close at $4.11 Wednesday, and were unchanged in after-hours trading following the announcement. The shares have lost more than 70 percent of their value since this time last year.
Douglas Ireland, an equity research associate at JMP Securities, said the company has failed to duplicate the success of the Razr phone, which came out in 2005, and is having continuing difficulties organizing a comeback.
The latest in its series of products, an iPhone look-alike with a touch-sensitive screen, the MotoSurf A3100, was unveiled at the International Consumer Electronics Show in Las Vegas earlier this month, but it has yet to secure a carrier. The company said it is expected to start selling in Asia and Latin America by March.
In October, the company announced it would cut 3,000 jobs by April, most of them from the cell phone unit, and said it would focus on just three software systems: Microsoft Corp.'s Windows Mobile; P2K, its own system used on the Razr phone; and Android, a free operating system from Google Inc.
Jha said Motorola will have an Android phone by the 2009 holiday season.
"Their new strategy for Android-based phones may be a winner but it is at least two or three quarters from bearing fruit, which is an eternity on Wall Street," Ireland said.
Analyst Edward Snyder, the principal of Charter Equity Research, said Motorola has fallen far since 2006 when it was the No. 2 handset maker behind Nokia Corp.; it's now fighting for fifth place with Sony Ericsson.
He said the company was in a "handset death spiral" where it must churn out new models, even unprofitable ones, to maintain its relationship with mobile phone carriers.
"There's been no handset company that's ever turned it around," Snyder said. "They're down 28 or 30 points in the fourth quarter of the Super Bowl. They can still pull it out, but it's going to be a vastly smaller business than where it started."
Apple CEO Jobs backtracks on health, takes leave
SEATTLE - Apple Inc. co-founder and Chief Executive Steve Jobs said Wednesday he is taking a medical leave until June, even though just a week ago the cancer survivor tried to assure investors and employees his recent weight loss was caused by an easily treatable hormone deficiency.
Apple's stock dropped 7 percent.
Jobs, 53, said in a letter last week that he would remain at Apple's helm despite the hormone problem, and that he had already begun a "relatively simple and straightforward" treatment. But in an e-mail to employees Wednesday, Jobs backtracked.
"During the past week I have learned that my health-related issues are more complex than I originally thought," he wrote.
Apple's shares have surged and crashed over the last year in step with rumors or news about the CEO's health and his gaunt appearance. While the top executive's health is an issue for investors in any company, at Apple the level of concern reaches fever pitch because Jobs has a hand in everything from ideas for new products to the way they're marketed.
Jobs co-founded Apple with Steve Wozniak in 1976 at the dawn of the personal computer revolution. He was forced from the company in 1985 but returned as CEO in 1997, slashing unprofitable product lines and helping rescue the company from financial ruin.
Since then, under Jobs' demanding leadership, Apple has churned out a string of sleek gadgets, from the iMac and the iPod to a new line of aluminum-covered Macbooks and the coveted iPhone. Many investors fear that without Jobs, Apple would not be able to sustain its growth or its high-end minimalist style.
Last week, Jobs said his disclosure of his hormone problem was "more than I wanted to say, and all that I am going to say" about his health. It came on the eve of Macworld, the biggest Apple trade show of the year, and Jobs said he wanted everyone to relax and enjoy the event.
Even so, the limited amount of information in that announcement did little to soothe Wall Street's nerves. Medical experts not involved in Jobs' treatment said it was unclear what was behind his weight loss, but some specialists said Jobs' past pancreatic cancer could be the problem.
Apple's history of keeping information about Jobs' health under wraps is only fueling the speculation. The company waited until after Jobs underwent surgery in 2004 to treat a very rare form of pancreatic cancer — an islet cell neuroendocrine tumor — before alerting investors. That type of cancer is easily cured if diagnosed early, unlike the deadlier and more common adenocarcinoma.
And last summer, Cupertino, Calif.-based Apple insisted Jobs' weight loss was due to a common bug, even as The New York Times cited anonymous sources who said Jobs had undergone "a surgical procedure" to address the problem.
Apple spokesman Steve Dowling would not elaborate on Jobs' condition or what he discovered in the past week.
"They'll tell you the least they can tell you," longtime industry analyst Roger Kay of Endpoint Technology Associates said after Jobs' disclosure Wednesday. "They're trying to have it both ways, to protect their guy's privacy and feelings and at the same time somehow signal the market."
Apple's chief operating officer, Tim Cook, will take over Jobs' responsibilities while he is on leave, though Jobs said he plans to remain involved in major strategic decisions.
Cook is seen as one of Jobs' most likely successors, along with Apple's top marketing executive, Philip Schiller. American Technology Research analyst Brian Marshall — who last week predicted Jobs would step down this year — said Wednesday's announcement tips the bets in Cook's favor.
"The company has been soft-signaling to the Street for a while now that Steve Jobs is not going to be CEO forever," he said. "This will be sort of a trial period for Cook to be chief executive."
Cook, 48, lacks Jobs' charisma and showmanship, but is seen as a solid pick. He ran Apple for two months in 2004 when Jobs was recovering from his cancer surgery.
"Tim Cook is a very experienced and highly regarded chief operating officer," said Calyon Securities analyst Shebly Seyrafi. "He's qualified."
Apple's shares slid $6.18, 7.2 percent, to $79.15 in extended trading after Jobs announced his leave. That left the shares near their 52-week low, well off the high of $192.24 reached over the past year.
___
AP Business Writer Andrew Vanacore in New York contributed to this report.
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