Motorola Mobility Q1 dip in revenue & merger update
Those of you who have been following developments of the planned Google acquisition of Motorola Mobility may be interested in today’s news. We have some details for you of a Q1 dip in revenue for Motorola Mobility and also an update on the merger news.
The details come from the first quarter financial results, which were announced yesterday and revealed Motorola Mobility first quarter net revenues of $3.1 billion, that’s a rise of 2% over the same period last year. First quarter 2012 GAAP net loss was $86 million, that’s $0.28 per share while in the same quarter for 2011 the GAAP net loss was $81 million, or $0.27 per share. When looking at a non-GAAP basis the first quarter net loss for this year was $10 million, alternatively $0.03 per share compared to Q1 in 2011 when the net loss was $25 million, or $0.08 per share.
When looking at operating results for Motorola devices there was net revenue of $2.2 billion for the first quarter of 2012 while the GAAP operating loss was $121 million and non-GAAP operating loss was $85 million. In the year-ago quarter the GAAP operating loss was $89 million while the non-GAAP operating loss was $61 million. A total of 5.1 million smartphones were shipped in the first quarter from a total of 8.9 million mobile devices.
Moving on to home segment revenues we can tell you that in the first quarter net revenues were $884 million, 2% down on the year-ago first quarter. While GAAP operating earnings rose to $68 million from $53 million for the year-ago quarter, non-GAAP operating earnings were up to $91 million whereas over the same period last year they were $81 million.
As far as the Google Inc. and Motorola Mobility merger update, a previous agreement was made last year that Google would acquire Motorola Mobility for $40 per share in cash, an approximate total of $12.5 billion. The acquisition is still in development with both companies working with authorities in China for approval. The latest on this is that the transaction has been “investigated and cleared without conditions in all other jurisdictions with pre-closing clearance requirements.” The merger is still on target to close in the first half of 2012.
If you have any thoughts to share about the Google merger with Motorola Mobility then let us have your comments.
Source: PR Newswire