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.