The company reported that it would miss "first-quarter sales targets by more than a billion dollars." That's right. ONE. BILLION.

The reason? Sluggish sales and lower profit margins for the company's mobile device unit.

Quote from CEO Ed Zander: "Performance in our Mobile Devices business continues to be unacceptable, and we are committed to restoring its profitability."

Mr. Head Honcho also announced a slight change in the ranks, with a new president and operating chief.

Motorola's stock fell almost 5% in after-hours trading. Meanwhile, chief competitor Nokia was up over 3% during the day but gave back almost 2% in late trading.

Source: "New mess for Motorola" - TheStreet

Tags: motorola

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