Telecommunications company Motorola Inc. has released the financial figures for their second quarter.  The company reported net income of $26 million.  This is higher than a year ago in the same quarter when the company reported a $4 million net income.  The reason why the company saw a profit increase was because of their aggressive cost cutting initiatives.

The revenue for the quarter was $5.5 billion which has dropped substantially compared to last year.  Motorola reported $8.1 billion in revenues last year.  Motorola co-CEO Sanjay Jha said that he believes the company will see a turnaround by this fall as the company launches several new products.

Motorola’s wireless device business saw revenue fall 45% to $1.8 billion.  The operating loss this quarter was $253 million.  Last year’s operating loss was $346 million.