Motorola has issued a restated estimate for 4th quarter sales and earnings because of lower than expected sales of mobile devices. The usually red hot holiday season ended up being not as KRZY as Motorola was hoping for:
"We are very disappointed with our fourth-quarter financial performance," said Ed Zander, chairman and CEO, "but we remain committed to the strategic direction and long-term financial targets we discussed at our annual analysts meeting in July 2006. We will discuss plans to improve operating profitability on January 19 when we announce fourth-quarter earnings."
Motorola estimates Q4 sales of mobile devices at 66 million and attributes the shortfall to, "an unfavorable geographical and product-tier mix of sales."