Thursday, October 4, 2012

Google widens cuts at Motorola, plans $340 million payout in Q3





Google has evaluated Motorola Mobility's business further, and it has found some extra areas it wants to dump.




The company said today in a filing with the Securities and Exchange Commission that it has identified additional areas in which it plans to cut staff and restructure the mobile firm. Google says that those actions will occur outside of the U.S., and include $300 million in costs related to employee severance. Google also expects to incur $90 million in charges for "facility and market exits," though it'll pay only $40 million of that this quarter.




"Google Inc. expects to incur certain charges in connection with planned restructuring actions at its wholly-owned subsidiary Motorola Mobility (Motorola)," the company's senior vice president and CFO Patrick Pichette wrote in the filing published today. "Motorola has continued to refine its planned restructuring actions and now expects to broaden those actions to include additional geographic regions outside of the U.S."




More to come...




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